Tuesday, July 29, 2025
LBNN
  • Business
  • Markets
  • Politics
  • Crypto
  • Finance
  • Energy
  • Technology
  • Taxes
  • Creator Economy
  • Wealth Management
  • Documentaries
No Result
View All Result
LBNN

Exxon, Shell are said to weigh bids for Galp Namibia stake

Simon Osuji by Simon Osuji
May 21, 2024
in Energy
0
Exxon, Shell are said to weigh bids for Galp Namibia stake
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


Exxon Mobil Corp. and Shell Plc are among energy giants evaluating bids for a stake in Galp Energia SGPS SA’s major oil field offshore Namibia, according to people familiar with the matter.

TotalEnergies SE and Equinor ASA are also among those considering acquiring the 40% stake Galp is seeking to sell in the Mopane discovery, said the people, asking not to be identified as the matter is private.

Based on Galp’s recent “in place” estimates for 10 billion barrels of oil equivalent in the Mopane complex, the entire discovery could be worth around $20 billion, or potentially more, some of the people said. The Portuguese firm said in an April filing that the oil estimate is before drilling additional exploration and appraisal wells.

Galp, which is working with a financial adviser to sell half of its 80% holding in the asset, has called for first round bids in mid-June, according to the people. Shares of Galp were up 2.2% at 12:41 p.m. Tuesday in Lisbon, putting it on track for the biggest daily gain in about a month and giving the company a market value of €15.2 billion ($16.5 billion).

Deliberations are in the early stages and other bidders could emerge, while the Lisbon-based company could also decide to retain the stake if it cannot reach a final agreement with any of the parties, the people said.

Representatives for Galp, Shell, Exxon and Equinor declined to comment. A spokesperson for TotalEnergies didn’t respond to a request for comment.

Galp shares jumped 21% after the company said in April that a well test “potentially” indicated Mopane could be an important commercial find in Namibia following the completion of the first phase of its exploration.

Galp’s oil finds have added to discoveries drilled off the southwest African nation, with Shell and TotalEnergies also finding oil in the area in the past two years. The finds are helping to turn the sparsely populated country into a hotspot for exploration. While no fields have yet been given the green light for development, hopes are high in the country that an economic boom similar to that seen in Guyana could follow.

Officials from Namibia’s Ministry of Mines and Energy and state oil company Namcor visited Guyana late last year seeking advice about oil developments, while Patrick Pouyanne, chief executive officer of TotalEnergies, recently drew parallels between the two countries.

Galp is the operator of the Mopane license area with an 80% stake. Namcor, or National Petroleum Corp. of Namibia, and Custos each hold 10% stakes.

Recommended for you

Patrick Pouyanne, chief executive officer of TotalEnergies.

TotalEnergies CEO says Namibia could be next Guyana



Source link

Related posts

South Africa’s Eskom to exit coal, transition fully to clean energy by 2040

The renewable dilemma: Can South Africa exit coal for power in 2040?

July 29, 2025
Egypt turns to LNG imports amid falling local gas output

Egypt turns to LNG imports amid falling local gas output

July 29, 2025
Previous Post

When school lunch is free

Next Post

Adobe’s AI-Powered Generative Remove Feature in Lightroom Erases Unsightly Objects in Seconds

Next Post
Adobe’s AI-Powered Generative Remove Feature in Lightroom Erases Unsightly Objects in Seconds

Adobe's AI-Powered Generative Remove Feature in Lightroom Erases Unsightly Objects in Seconds

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Sudan crisis leaves 47 Nigerian medical students in professional limbo

Sudan crisis leaves 47 Nigerian medical students in professional limbo

2 months ago
Apple Reportedly Cancels Plans to Build an Electric Car

Apple Reportedly Cancels Plans to Build an Electric Car

1 year ago
AI Tools Are Still Generating Misleading Election Images

AI Tools Are Still Generating Misleading Election Images

1 year ago
Blackout Alert: Federal Government Initiates Essential Grid Maintenance

Blackout Alert: Federal Government Initiates Essential Grid Maintenance

2 months ago

POPULAR NEWS

  • Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    0 shares
    Share 0 Tweet 0
  • The world’s top 10 most valuable car brands in 2025

    0 shares
    Share 0 Tweet 0
  • When Will SHIB Reach $1? Here’s What ChatGPT Says

    0 shares
    Share 0 Tweet 0
  • Top 10 African countries with the highest GDP per capita in 2025

    0 shares
    Share 0 Tweet 0
  • Global ranking of Top 5 smartphone brands in Q3, 2024

    0 shares
    Share 0 Tweet 0
  • Privacy Policy
  • Contact

© 2023 LBNN - All rights reserved.

No Result
View All Result
  • Home
  • Business
  • Politics
  • Markets
  • Crypto
  • Economics
    • Manufacturing
    • Real Estate
    • Infrastructure
  • Finance
  • Energy
  • Creator Economy
  • Wealth Management
  • Taxes
  • Telecoms
  • Military & Defense
  • Careers
  • Technology
  • Artificial Intelligence
  • Investigative journalism
  • Art & Culture
  • Documentaries
  • Quizzes
    • Enneagram quiz
  • Newsletters
    • LBNN Newsletter
    • Divergent Capitalist

© 2023 LBNN - All rights reserved.