PETROBRAS SEEKS TO TAKE A “SIGNIFICANT” STAKE IN GALP ENERGIA’S HUGE MOPANE OIL AND GAS DISCOVERY OFF NAMIBIA.

Source: World Oil

Petrobras has submitted a bid to acquire a significant stake in Galp Energia's long-awaited oil and gas discovery off Namibia, according to Reuters. If successful, Petrobras would become the operator of the Mopane oil and gas field, which contains approximately 10 billion barrels of oil equivalent.

More than 12 competitors, including Exxon and Shell, have expressed interest in acquiring a 40% stake in Galp Energia's giant offshore oil and gas field. A company spokesman highlighted Petrobras' experience in deepwater operations and expressed confidence in its offer.

Petrobras is seeking international opportunities because of challenges it faces in obtaining environmental licenses for new exploration in Brazil. Indigenous groups, environmental regulators and labor disputes at Brazil’s environmental agency, Ibama, have hampered Petrobras’ efforts to explore offshore areas, particularly near the Amazon River.