Supermajors vie for stake in Galp's huge Mopane oil find off...

Supermajors vie for stake in Galp's huge Mopane oil find off Namibia

"The world's biggest upstream players are squaring up for a stake in Galp's massive Mopane discovery in Namibia's Orange Basin, thought to be the biggest find to date in the industry's most exciting exploration frontier. According to estimates from the Portuguese energy firm, the Mopane find -- located in the PEL 83 license off the western coast of Namibia -- could hold up to 10 billion barrels of oil equivalent in place, sparking a rush by IOCs for a share of the spoils."

"Galp declined to comment in response to a list of questions about the potential farmout. However, a source familiar with the matter told S&P Global Commodity Insights, on condition of anonymity due to the sensitivity of the situation, that there has been "a tremendous degree of interest including from the supermajors".

"...as many as a dozen other firms are understood to have expressed an interest in the Mopane stake, including US energy supermajor Chevron, France's TotalEnergies, Australia's Woodside and Anglo-Dutch giant Shell. Chevron, TotalEnergies and Shell refused to comment on whether they were interested in farming into Mopane. A Woodside spokesperson said the company does not "comment on market speculation" but added: "In Woodside's normal course of business, it continuously reviews its portfolio to optimize value."