Exxon Mobil has reportedly pulled out of the race to acquire half of Galp Energia’s stake in an oil discovery in Namibia.
Earlier, over 12 big oil companies had shown interest in Galp’s 40% stake in the offshore Mopane discovery, reported Reuters.
The Mopane discovery is estimated to hold at least 10 billion barrels of oil and gas equivalent and could be valued at over $10 billion. Galp also proposes that the buyer operate the field.
As per the report, the reasons for Exxon’s withdrawal are unclear, but other companies continue to pursue the sale.
This year, other major oil companies showed interest in expanding their presence in Namibia.
TotalEnergies signed agreements to increase its stake in Namibia’s blocks 2913B and 2912, collaborating with QatarEnergy.
Shell announced plans to drill exploration and appraisal wells in the region, turning its attention to southern Namibia, where recent discoveries in the productive Orange Basin indicate more potential.
