Brazil’s state-run oil firm, Petrobras, has submitted a non-binding bid for a stake in Galp Energia’s newly discovered offshore oilfield in Namibia.
This move could potentially position Petrobras as the operator of the Mopane oil and gas field, which is estimated to hold 10 billion barrels of oil equivalent (bboe).
“We are the best deep-water operators. If [Galp] does not choose us, it is their loss,” said Sylvia dos Anjos, Petrobras’ exploration and production director, speaking to Reuters.
Petrobras is exploring opportunities abroad as it faces challenges at home. Anjos cited “unacceptable” difficulties in obtaining environmental licenses for new explorations in Brazil, particularly due to indigenous opposition and regulatory hurdles.
Efforts to drill offshore near the Amazon River’s mouth have been notably impeded. Additionally, a labor dispute has slowed licensing processes at Brazil’s environmental agency, Ibama.
The Mopane field, located within the Orange Basin’s petroleum exploration license 83 (PEL 83), has attracted interest from over 12 companies, including industry giants like ExxonMobil and Shell.
Anjos did not disclose whether Petrobras’s bid was for the entire 40% stake up for sale by Galp or a smaller portion.
Galp is the primary operator of PEL 83, holding an 80% stake, with the National Petroleum Company of Namibia (NAMCOR) and Custos Energy each owning a 10% stake.
The area is adjacent to other significant oil and gas discoveries, such as Shell’s finds at Graff-1, La Rona-1, and Jonker-1 in PEL 39, and TotalEnergies’ Venus-1 well in PEL 56, block 2913B. These discoveries have bolstered Namibia’s reputation as a promising location for oil exploration.
While no fields have yet been approved for development, there is optimism that Namibia could experience economic growth similar to Guyana’s recent oil-driven boom.
Namibian officials from the Ministry of Mines and Energy and NAMCOR have sought advice from Guyana on managing their oil development projects.
