TotalEnergies and Chevron are top contenders to acquire a 40% stake in Galp Energia’s Mopane oil discovery offshore Namibia, holding an estimated 10 billion barrels of oil. Galp plans to choose a partner by year-end, with TotalEnergies and Chevron leading the race. Other major firms like ExxonMobil and Petrobras have shown interest in the project as well.

TotalEnergies and Chevron are already operating nearby oilfields in Namibia’s Orange Basin, with TotalEnergies’ Venus project offering synergies but facing development challenges due to high gas content. Success in Namibia would bolster TotalEnergies’ African upstream portfolio, accounting for up to 40% of its global oil and gas output. Chevron is looking to revitalize its frontier exploration strategy following previous mixed results in Namibia.

The Mopane field in Namibia has attracted intense interest from global energy majors looking to tap into one of the world’s most promising new exploration frontiers. Namibia, currently without commercial oil production, aims to become a top-15 global producer in the next decade. TotalEnergies and Chevron are positioned as frontrunners to secure the stake, pending final negotiations with Galp Energia.

Read more at Yahoo Finance: TotalEnergies and Chevron Vie for Stake in Namibia’s 10-Billion-Barrel Discovery