Oil and gas supermajors ExxonMobil and Shell are evaluating bids for a stake in energy corporation Galp’s Mopane oilfield, offshore Namibia. With an 80% share in the Mopane field, Galp is looking to divest a 40% stake. Energy majors TotalEnergies and Equinor have also expressed interest.
According to Galp, the Mopane complex boasts up to 10 billion barrels of oil equivalent. The entire discovery estimated to be worth approximately $20 billion, according to sources referenced by Bloomberg.
Galp has called for first round bids by mid-June this year and will work with a financial advisor during the sales process. With discussions still in the preliminary stages, the company expects other bidders to emerge and has stated that it may retain its stake if it cannot reach a satisfactory agreement with interested parties.
The Mopane field is situated within PEL 83 in the Orange Basin. The field is owned and operated by Galp with an 80% stake while the National Petroleum Corporation of Namibia and exploration company Custos Energy each hold a 10% share.
