When Petrobras beats the majors like Shell, Total, Equinor, Chevron, Exxon and buys 40% plus operatorship of Galp`s Mopane discovery with a competitive offer, this will heat the bidding war for Saturn. With this move, Petrobras will outpace the one or other oil company in the top ten list.
Chevron already occupies the Sintana block in the West. I am really interested which major is hungrier than the others. I even think that in the case a major like Chevron, Total, Exxon, Shell pays an overstretching sky-high amount of $$ for a Saturn share they would be able to resell a part of Saturn for another partner like Qatar Energy, Petro China etc. or perhaps even ADNOC, ARAMCO who see this probably as a political, strategical (OPEC) investment.
I think the top 10 oil companies will become more active in this bidding war. Woodside is too small and does not have enough financial firepower to win this end game = winning operatorship and the lion`s share of the potential giant elephant Saturn oil field. The major, that wins the potential development and oil production of the Saturn endgame, will change the top 10 oil company list for a long time. In my opinion, these big oil companies are too aggressive to leave the big potential trophy Saturn to Woodside without a fight.
ARACAJU, Brazil, July 26 (Reuters) - Brazil's state-run oil firm Petrobras (PETR4.SA), opens new tab has made a non-binding offer to buy a major stake in Galp Energia's (GALP.LS), opens new tab huge offshore oil discovery in Namibia, Petrobrs exploration and production director Sylvia dos Anjos told Reuters on Friday.If accepted, the bid would make Petrobras the operator of the Mopane oil and gas field, which has an estimated 10 billion barrels of oil equivalent, Anjos said in her first interview since taking her new role last month."We are the best deepwater operators," said Anjos on the sidelines of an oil and gas conference in the northeastern state of Sergipe. "If (Galp) don't choose us, it's their loss."Petrobras is seeking opportunities abroad due to "unacceptable" difficulty in getting environmental licenses to explore new areas in Brazil, Anjos said.The firm has hit stiff resistance from Indigenous groups and environmental regulators slowing its efforts to drill in promising offshore areas near the mouth of the Amazon River.Workers at environmental agency Ibama have also been slow-walking all licensing this year due to a labor dispute."We want to work in Brazil, but if we are not welcome, we will go somewhere else, and we will maintain our production," Anjos said.More than 12 rivals, including Exxon (XOM.N), opens new tab and Shell (SHEL.L), opens new tab, have expressed interest in buying a 40% stake in Galp Energia's oil field, Reuters previously reported. Anjos did not say whether the bid was to buy the full 40% or a smaller share.The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.Reporting by Marta Nogeuira Writing by Fabio Teixeira Editing by Brad Haynes and Rod NickelOur Standards: The Thomson Reuters Trust Principles.
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