popular articles

ExxonMobil withdraws from acquisition of Galp Energia’s Namibian oil block

ExxonMobil abandons its plan to buy 40% of the Mopane offshore field in Namibia from Galp Energia, leaving other companies in the running for this strategic stake.
Plateforme pétrolière en Namibie

Please share:

ExxonMobil has decided to withdraw from negotiations to acquire a 40% stake in the Mopane offshore oil discovery in Namibia, currently held by Galp Energia.
This field, located under the PEL 83 exploration license, is estimated to contain at least 10 billion barrels of oil and gas equivalent, with a potential valuation of over $10 billion.
ExxonMobil’s withdrawal comes at a time when other oil companies are continuing to explore the possibility of acquiring this strategic stake.
Galp is proposing not only to sell its stake, but also to assign the role of operator to the purchaser, thus opening the way for companies wishing to strengthen their position in Namibia’s emerging energy market.

Corporate interest in the Mopane block

ExxonMobil’s withdrawal has not slowed interest in the Mopane block.
More than a dozen oil companies, including Shell and Petrobras, remain engaged in discussions with Galp Energia for a possible acquisition.
This block, with its estimated reserves, represents a major opportunity for companies looking to strengthen their portfolio of exploration and production assets in Africa.
Discussions continue against a backdrop of growing interest in the Namibian oil market, following a series of promising discoveries.

A region with growing energy potential

Namibia is becoming a new frontier for offshore oil exploration.
Recent discoveries by Shell and TotalEnergies have highlighted the region’s significant energy potential, prompting other international players to consider investment in Namibia’s oil blocks.
The Mopane field could play a pivotal role in transforming Namibia into a major oil producer.
By putting part of its assets up for sale, Galp Energia appears to be opting for a strategy of refocusing its investments, while offering interested companies a unique opportunity to operate in this booming geographical area.

Implications for corporate strategies

For the companies still in the running, such as Shell and Petrobras, acquiring a stake in Mopane represents not only a chance to capitalize on a major discovery, but also to strengthen their presence in southern Africa.
Namibia, although not yet a major oil and gas producer, could be transformed by these investments.
The development of these offshore resources could have long-term implications for local energy policy and the attraction of foreign capital.
However, the companies involved in these discussions will have to consider geopolitical aspects and local regulations.
The sale of Galp’s interest in the Mopane field, if successful, will mark an important milestone in the evolution of the oil industry in Namibia, and could influence the strategies of other players in the sector in their search for promising new reserves.

Register free of charge for uninterrupted access.

Publicite

Recently published in

The Russian Deputy Prime Minister announces that the decision to increase oil production by OPEC+ in December remains uncertain, due to market fluctuations and global demand.
Patrick Pouyanné, CEO of TotalEnergies, anticipates an oil peak by 2040 while reaffirming the importance of investing in oil and gas, despite the growing prominence of renewable energies.
Patrick Pouyanné, CEO of TotalEnergies, anticipates an oil peak by 2040 while reaffirming the importance of investing in oil and gas, despite the growing prominence of renewable energies.
An acid gas leak in a Pemex refinery in Deer Park, Texas, has caused 2 deaths and 35 injuries. Local authorities have issued an alert, and an investigation is underway to determine the causes of the accident.
An acid gas leak in a Pemex refinery in Deer Park, Texas, has caused 2 deaths and 35 injuries. Local authorities have issued an alert, and an investigation is underway to determine the causes of the accident.
The British giant BP forecasts a decline in its oil sales and refining margins in the third quarter of 2024, impacting its financial results amid falling oil prices.
The British giant BP forecasts a decline in its oil sales and refining margins in the third quarter of 2024, impacting its financial results amid falling oil prices.
Next Bridge Hydrocarbons announces the upcoming acquisition of Louisiana Heritage Play, thereby strengthening its presence in Texas, Louisiana, and Oklahoma. This operation aims to optimize exploration and production opportunities for natural gas and oil.
The price of gasoline in Nigeria, Africa's most populous country, has surged again, reaching 998 nairas ($0.62) per liter. This rise follows a previous 45% increase in September, fueling an ongoing economic crisis.
The price of gasoline in Nigeria, Africa's most populous country, has surged again, reaching 998 nairas ($0.62) per liter. This rise follows a previous 45% increase in September, fueling an ongoing economic crisis.
Hungary Sees TurkStream as Vital Alternative Amidst Ukraine Gas Transit Uncertainty
Hungary Sees TurkStream as Vital Alternative Amidst Ukraine Gas Transit Uncertainty
OMV Petrom strengthens its presence in the renewable energy sector with the acquisition of 50% of Electrocentrale Borzești shares and production assets from Renovatio Group, totaling an installed capacity of 1,018 MW.
OMV Petrom strengthens its presence in the renewable energy sector with the acquisition of 50% of Electrocentrale Borzești shares and production assets from Renovatio Group, totaling an installed capacity of 1,018 MW.
Encavis Asset Management AG has finalized the sale of a European wind farm portfolio totaling 48 MW, distributed in France and Germany, for the benefit of an institutional investor.
The Russian Deputy Prime Minister announces that the decision to increase oil production by OPEC+ in December remains uncertain, due to market fluctuations and global demand.
The Russian Deputy Prime Minister announces that the decision to increase oil production by OPEC+ in December remains uncertain, due to market fluctuations and global demand.
Siemens Energy sues Citgo Petroleum and PDV Holding in Texas to recover $200 million following a Venezuelan payment default.
Siemens Energy sues Citgo Petroleum and PDV Holding in Texas to recover $200 million following a Venezuelan payment default.
The Tengiz oil field in Kazakhstan, operated by Chevron, sets a production record in October, escalating the country's tensions with OPEC+ over production quota compliance.
The Tengiz oil field in Kazakhstan, operated by Chevron, sets a production record in October, escalating the country's tensions with OPEC+ over production quota compliance.
US crude oil reserves have unexpectedly risen, while refineries continue to slow down. This situation influences crude oil prices and reflects a mismatch between production and market demand.
The Asian high sulfur gasoil market saw a rise in prices and a narrowing of the spread to its lower-sulfur counterpart, mainly due to increased Indonesian demand.
The Asian high sulfur gasoil market saw a rise in prices and a narrowing of the spread to its lower-sulfur counterpart, mainly due to increased Indonesian demand.
The world's largest oil companies are competing to secure a share of Galp's significant Mopane oil discovery in Namibia's Orange Basin, estimated at 10 billion barrels of oil equivalent.
The world's largest oil companies are competing to secure a share of Galp's significant Mopane oil discovery in Namibia's Orange Basin, estimated at 10 billion barrels of oil equivalent.
Chinese refiners' Iranian oil imports are expected to decrease due to stricter sanctions and tensions in the Middle East. However, major disruptions appear unlikely, according to sources in China's energy sector.
Chinese refiners' Iranian oil imports are expected to decrease due to stricter sanctions and tensions in the Middle East. However, major disruptions appear unlikely, according to sources in China's energy sector.
Since the EU embargo in February 2023, Turkey and Brazil have emerged as the main buyers of Russian diesel. This realignment of commercial flows is redefining the global diesel market, impacting prices and supply chains.
The oil giant CNOOC Limited announces the commencement of production of the Bozhong 19-2 project, located in Bohai Bay, marking a key milestone in the effective development of offshore resources in China.
The oil giant CNOOC Limited announces the commencement of production of the Bozhong 19-2 project, located in Bohai Bay, marking a key milestone in the effective development of offshore resources in China.
The continued increase in development costs of upstream oil projects is testing the economic viability of new oil production. A recent study by Rystad Energy reveals an increase in breakeven costs, while still remaining below current oil prices.
The continued increase in development costs of upstream oil projects is testing the economic viability of new oil production. A recent study by Rystad Energy reveals an increase in breakeven costs, while still remaining below current oil prices.
Avjet Holding Inc. was fined 200,000 dollars by the Quebec Court for violating the Canadian Environmental Protection Act following a spill of 4,900 liters of petroleum product in January 2023.
Avjet Holding Inc. was fined 200,000 dollars by the Quebec Court for violating the Canadian Environmental Protection Act following a spill of 4,900 liters of petroleum product in January 2023.
The escalation of tensions between Israel and Iran threatens the stability of the global oil market. OPEC+ must assess its capacities in the face of a possible supply shock.
Oil prices significantly increase after a statement by U.S. President Joe Biden mentioning potential strikes against Iranian oil infrastructures, raising concerns about global supply.
Oil prices significantly increase after a statement by U.S. President Joe Biden mentioning potential strikes against Iranian oil infrastructures, raising concerns about global supply.
Libyan authorities in the East have declared the resumption of oil production at the oil fields and the reopening of exports, which were halted due to a major political crisis opposing the rival government in Tripoli, recognized by the UN. This decision follows intense negotiations aimed at stabilizing the country’s oil sector.
Libyan authorities in the East have declared the resumption of oil production at the oil fields and the reopening of exports, which were halted due to a major political crisis opposing the rival government in Tripoli, recognized by the UN. This decision follows intense negotiations aimed at stabilizing the country’s oil sector.
TotalEnergies announces an increase in its oil and gas production until 2030, despite pressures to reduce fossil fuels. CEO Patrick Pouyanné defends this strategy amid climate challenges.
TotalEnergies announces an increase in its oil and gas production until 2030, despite pressures to reduce fossil fuels. CEO Patrick Pouyanné defends this strategy amid climate challenges.

Advertising