Market Chatter: TotalEnergies Emerges as Leading Bidder for Stake in Galp's Namibia Oil Project

MT Newswires Live12-02

TotalEnergies (TTE) is the leading bidder for a stake in Galp's major oil discovery offshore Namibia, Bloomberg reported Tuesday, citing sources familiar with the situation.

Galp is planning to sell half of its 80% stake in the Mopane field to a partner that would also become the project's operator, the report said, adding that the company expects to find a partner before the end of the year.

The Mopane discovery is in Namibia's Orange Basin, and Galp estimates the complex may hold as much as 10 billion barrels of oil equivalent.

TotalEnergies didn't immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 65.96, Change: +0.26, Percent Change: +0.40

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