HOTSPOT: The location of various Namibian oil licence blocks, including the highly sought-after Mopane block. Photo: Contributed
HOTSPOT: The location of various Namibian oil licence blocks, including the highly sought-after Mopane block. Photo: Contributed

Oil majors show interest in Galp's Namibia oil prospect, sources say

Mopane draws interest
In April, Galp launched the sale process for half of its 80% stake in PEL 83, the mega Mopane oil find, as well as the right to become its operator.
Ron Bousso , Sabrina Valle and Sergio Goncalves
More than 12 oil companies have expressed interest in buying a 40% stake in Galp Energia's major oil discovery offshore Namibia, sources close to the sale process said.

Galp's Mopane discovery, which is estimated to hold at least 10 billion barrels of oil and gas equivalent, could be valued at over US$10 billion, according to some estimates.

In April, Galp launched the sale process for half of its 80% stake in petroleum exploration licence 83 (PEL 83) as well as the right to become its operator. Over a dozen companies - including Exxon Mobil, Chevron, Shell, TotalEnergies, Brazil's Petrobras, Australia's Woodside Energy and United States producer Apache Energy - have signed agreements to access geological data of the field, sources said.

A number of companies also placed indicative, non-binding offers for the stake late last month, they said.

The identities of the bidders and their offers were unclear. Most firms were expected to offer an upfront cash payment to Galp and to cover the Lisbon-listed firm's share in the field's development, the sources said.

A decision on the development of the field is contingent on further exploration and appraisal work, they added.

'Evaluating opportunities'

Galp, Chevron, Shell, TotalEnergies and Apache declined to comment. Exxon, Woodside did not immediately respond to requests for comment. Petrobras declined to comment on the bidding process, but said it was "evaluating opportunities to expand oil reserves, including offshore of Africa".

Namibia's national oil and gas company Namcor, which runs the petroleum data centre on behalf of the government, also declined to comment.

Namibia, which has no oil and gas production, has attracted huge interest from international energy companies in recent years following a string of discoveries by TotalEnergies, Shell and Galp. No company has decided to go ahead yet with a field development, although TotalEnergies said it expects to make a decision by the end of the year.

The strong interest in developing a new basin highlights the sector's expectations for oil and gas demand to remain strong for years, even as the world seeks to reduce its dependency on fossil fuels.

- Reuters

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Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 393.81/OZ DOWN -0.0074 | Copper US$ 4.20/lb DOWN -0.013 | Zinc US$ 2 749.30/T UP 0.1% | Brent Crude Oil US$ 82.66/BBP DOWN -0.0082 | Platinum US$ 945.60/OZ DOWN -0.0252 Sport results: Currie Cup: NovaVit Griffons 15 vs 64 DHL Western Province | Hollywoodbets Sharks XV 21 vs 31 Airlink Pumas | Vodacom Bulls 25 vs 13 Toyota Cheetahs XV | Fidelity ADT Lions 25 vs 13 Suzuki Griquas Rugby World Cup U20: England U20 21 vs 13 France U20 | Australia U20 6 vs 14 Argentina U20 | Ireland U20 24 vs 38 New Zealand U20 | Italy U20 13 vs 24 Georgia U20 | Wales U20 31 vs 47 South Africa U20 | Spain U20 24 vs 19 Fiji U20 Weather: Katima Mulilo: 13° | 33° Rundu: 13° | 34° Eenhana: 13° | 34° Oshakati: 14° | 32° Ruacana: 14° | 33° Tsumeb: 17° | 30° Otjiwarongo: 11° | 29° Omaruru: 12° | 30° Windhoek: 8° | 25° Gobabis: 8° | 30° Henties Bay: 11° | 17° Wind speed: 16km/h, Wind direction: S, Low tide: 10:00, High tide: 04:01, Low Tide: 22:27, High tide: 16:30 Swakopmund: 12° | 15° Wind speed: 15km/h, Wind direction: SW, Low tide: 09:58, High tide: 03:59, Low Tide: 22:25, High tide: 16:28 Walvis Bay: 10° | 20° Wind speed: 17km/h, Wind direction: SW, Low tide: 09:58, High tide: 03:58, Low Tide: 22:25, High tide: 16:27 Rehoboth: 9° | 27° Mariental: 10° | 27° Keetmanshoop: 9° | 24° Aranos: 9° | 28° Lüderitz: 11° | 19° Ariamsvlei: 10° | 25° Oranjemund: 9° | 18° Luanda: 20° | 22° Gaborone: 11° | 27° Lubumbashi: 13° | 31° Mbabane: 12° | 23° Maseru: 3° | 19° Antananarivo: 12° | 25° Lilongwe: 16° | 30° Maputo: 17° | 24° Windhoek: 8° | 25° Cape Town: 9° | 15° Durban: 13° | 21° Johannesburg: 12° | 22° Dar es Salaam: 21° | 31° Lusaka: 16° | 30° Harare: 14° | 27° Economic Indicators: Currency: GBP to NAD 23.54 | EUR to NAD 19.86 | CNY to NAD 2.51 | USD to NAD 18.25 | DZD to NAD 0.14 | AOA to NAD 0.02 | BWP to NAD 1.3 | EGP to NAD 0.37 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.69 | ZWL to NAD 0.04 | BRL to NAD 3.28 | RUB to NAD 0.21 | INR to NAD 0.22 | USD to DZD 134.26 | USD to AOA 872.64 | USD to BWP 13.58 | USD to EGP 48.36 | USD to KES 130.98 | USD to NGN 1584.2 | USD to ZAR 18.25 | USD to ZMW 25.9 | USD to ZWL 321 | Stock Exchange: JSE All Share Index Same 0 | Namibian Stock Exchange (NSX) Overall Index 1757.83 Down -0.25% | Casablanca Stock Exchange (CSE) MASI 13623.01 Up +0.20% | Egyptian Exchange (EGX) 30 Index 28783.24 Up +0.45% | Botswana Stock Exchange (BSE) DCI 9380.4 Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 393.81/OZ DOWN -0.0074 | Copper US$ 4.20/lb DOWN -0.013 | Zinc US$ 2 749.30/T UP 0.1% | Brent Crude Oil US$ 82.66/BBP DOWN -0.0082 | Platinum US$ 945.60/OZ DOWN -0.0252