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The Brazilian oil company has submitted a proposal for a stake in the valuable offshore Mopane block but will not proceed alone in the deal, Reuters reports.
Petrobras, which has submitted a bid in the process to sell a 40% stake in Galp Energia’s oil exploration project in Namibia, intends to include at least one more company in the deal, Reuters reported on Friday.
The Brazilian oil company made a non-binding proposal for a stake in Galp’s offshore Mopane oil block, which would make it the operator of the project, said Sylvia dos Anjos, Petrobras’s director of exploration and production, last week.
At the time, in an interview with Reuters, the official did not specify the size of the stake Petrobras intends to acquire.
Now, anonymous sources cited by the news agency say that the oil company will not proceed alone with the purchase of the stake.
“This is a competitive process in a highly sought-after area, with the potential to be confirmed. It is natural that in a proposal like this, the risk is diluted with partners,” one of the sources said.
The source did not specify whether the company will form one or more partnerships or if these have already been established.
Galp intends to sell part of the 80% stake it holds in the Namibian oil project, where vast oil reserves, potentially reaching 10 billion barrels, have been discovered.
The sale process has attracted interest from several major global oil companies, such as the American Exxon Mobil, the British Shell, the French Total Energies, and the Norwegian Equinor, among others.
In a conference call with analysts following the presentation of the first-half results on July 22, Galp CEO Filipe Silva said that “preliminary discussions” were underway and that he did not want to “rush any transaction.”
