More of the same! AfrOil: Petrobras to bid on 40% stake in Galp’s Mopane oil prospect offshore Namibia
August 11, 2024 at 09:46 pm EDT
Brazil’s state-run oil and gas company Petrobras has made a non-binding offer to purchase a major stake in Portuguese major Galp Energia’s oil and gas discovery offshore Namibia in the highly prospective Orange Basin.
Petrobras may include at least one partner in its bid for a 40% stake in Galp’s Mopane oil discovery. However, the exact proportion of the stake Petrobras aims to acquire has not been disclosed, Offshore Technology reported on August 5.
According to two sources familiar with the matter, Petrobras will not pursue the entire 40% stake on its own. “It is a competitive process in a sought-after area, with potential to be confirmed. The natural thing in a bid like that is to dilute the risk with partners,” one source was quoted as saying.
Petrobras is the latest energy multinational to seek exposure to the Orange Basin in the wake of significant recent discoveries. This strategic move aligns with the company’s aim to expand its reserves amidst challenges with getting environmental licences to explore new areas in Brazil, as reported by Reuters.
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