Sources say that TotalEnergies and Chevron are leading the race to purchase stakes in Mopane, owned by Galp, in Namibia.

By America Hernandez and Wendell Roelf

LISBON/PARIS - Four sources have confirmed that TotalEnergies, Chevron and other oil majors are the frontrunners for a 40% stake in Galp Mopane in Namibia. Galp said that it would announce the winner of Mopane's estimated resources by year-end.

Namibia has attracted international oil companies, despite the fact that it does not produce hydrocarbons, following a series of high-profile finds beginning in 2022, indicating the country's potential to be among the top 15 oil producers by 2035. This is according to NAMCOR, the state-owned oil company in Namibia.

TotalEnergies & Chevron have declined to comment commercially.

A Galp press representative declined to identify the companies. "Negotiations concerning Namibia are moving forward with a list of preferred bidders that strongly align with Mopane," she said.

Both Total and Chevron have stakes in oil fields in Namibia's Orange Basin adjacent to Mopane. However, Chevron's initial drill-downs failed to produce commercial hydrocarbons.

Total said that it intends to make a final decision regarding its Namibian discovery Venus.

Next year

Although the high gas content of its field has made it difficult to develop,

More expensive and challenging

. (Reporting and editing by Inti and Louise Heavens, Sergio Goncalves in Paris and Wendell Roelf)

(source: Reuters)