TotalEnergies and Chevron are currently the top candidates seeking a 40% operating stake in Galp’s Mopane oil find in Namibia. Galp says the field holds at least 10 billion barrels of resources.
Chevron recently drilled in Namibia’s Orange Basin without hitting commercial reserves, and CEO Mike Wirth said the effort still offered useful lessons. TotalEnergies works in a nearby area but is dealing with high gas levels that make oil recovery more difficult. Galp plans to close the transaction before the end of the year.
Chevron operates as a global energy company involved in exploration, production, and refining across several regions. It is the second-largest oil company in the United States and produces about 3.0 million barrels of oil equivalent a day, including 7.7 million cubic feet of natural gas and 1.7 million barrels of liquids. The company runs production sites in North America, South America, Europe, Africa, Asia, and Australia. Its refining facilities are located in the United States and Asia with a combined capacity of 1.8 million barrels a day. At the end of 2024, its proven reserves reached 9.8 billion barrels of oil equivalent, including 5.1 billion barrels of liquids and 28.4 trillion cubic feet of natural gas.
Chevron has a market value of $302.38 billion and works within the oil and gas sector. It trades on the NYSE and has a beta of 0.42, showing that its stock moves less sharply than the wider market.
source: https:www.gurufocus.com
African Energy Council