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ENERGY SECTOR: Petrobras Confirms Interest In Galp’s Namibia Discovery

ENERGY SECTOR
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Unrated                                               EUR 26s flat

  • A Petrobras executive confirmed to BBG reporters last night that Petrobras remains interested in Galp’s important Mopane discovery (>10bn barrels estimated at over USD 10bn) in Namibia after reports last week that Exxon was withdrawing from the process.
  • Reuters had reported back in August that Petrobras, along with an additional unnamed party, had made a non-binding offer to operate the Mopane offshore block in Namibia which necessitates taking a 40% stake from Galp to proceed.
  • Other names tipped to be involved include TotalEnergies and Equinor.
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Unrated                                               EUR 26s flat

  • A Petrobras executive confirmed to BBG reporters last night that Petrobras remains interested in Galp’s important Mopane discovery (>10bn barrels estimated at over USD 10bn) in Namibia after reports last week that Exxon was withdrawing from the process.
  • Reuters had reported back in August that Petrobras, along with an additional unnamed party, had made a non-binding offer to operate the Mopane offshore block in Namibia which necessitates taking a 40% stake from Galp to proceed.
  • Other names tipped to be involved include TotalEnergies and Equinor.