Exxon Mobil has reportedly withdrawn from the competition to acquire half of Galp Energia’s stake in a significant oil discovery off the coast of Namibia, known as the Mopane field. This development comes as more than 12 oil companies, including major players like Shell and Brazil’s Petrobras, had previously expressed interest in Galp’s 40% stake in the offshore discovery.
While the reasons behind Exxon’s withdrawal remain unclear, other companies continue to engage with Galp regarding the sale. Both Exxon and Galp have declined to comment on the matter.
The Mopane discovery is estimated to contain at least 10 billion barrels of oil and gas equivalent, potentially valued at over $10 billion. The sale process follows a series of promising offshore discoveries by Shell and TotalEnergies in recent years, raising the possibility of Namibia emerging as a major oil-producing nation.