Exxon Mobil has pulled out of the race to buy half of Galp Energia’s stake in a large oil discovery in Namibia, which has attracted interest from top energy companies.
More than 12 oil companies, including Exxon, Shell, and Brazil’s national oil company Petrobras, had expressed interest in Galp’s 40% stake in the offshore Mopane discovery, according to sources.
Galp is also proposing that the buyer operate the field.
According to Reuters, the reasons for Exxon’s withdrawal from the process remain unclear, while other companies continue to engage with Galp on the sale.
When contacted for comment, both Exxon and Galp declined to comment.
Mopane is estimated to hold at least 10 billion barrels of oil and gas equivalent and 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), along with the rights to become its operator.
The sale process follows a series of promising offshore discoveries by Shell and TotalEnergies in recent years, raising the prospect of Namibia becoming a significant oil-producing nation.
Namibia, which currently has no oil and gas production, has attracted significant interest from international energy companies, following a string of discoveries by TotalEnergies, Shell, and Galp.-M&E/reuters.
