Oil & Gas

An oil discovery in Africa, boasting reserves exceeding 10 billion barrels, has captured the attention of about 12 international companies. These companies are keen to acquire a stake in what is considered one of the continent's most significant discoveries. This strategic move aims to secure a substantial portion of the global energy demand.

Among the interested parties are more than 12 oil companies, including industry giants such as ExxonMobil, Shell, and Brazil's national oil company, Petrobras. They are competing to purchase a 40 percent stake in this major oil find from Portugal's Galp Energia, located off the coast of Namibia. The Moban discovery, managed by Galp Energia, is believed to contain at least 10 billion barrels of oil equivalent, with an estimated value exceeding $10 billion, as per the Washington-based Specialty Energy Platform’s global database.

Galp Energia holds an 80% stake in the PEL 83 license, which covers a 10,000-kilometer stretch in the Orange Basin in Namibia. The remaining 20% is equally shared by Namibia's NAMCOR and Custos. In April, Galp Energia announced it was selling half of its stake in this oil discovery, along with the operator rights. More than 12 companies, including ExxonMobil, Chevron, Shell, Total Energy, Brazil's Petrobras, Australia's Woodside Energy, and the U.S.'s Apache Energy, have signed agreements to access geological data from the field.

The Moban discovery, estimated to hold 10 billion barrels of oil, is currently under further exploration and valuation to determine its development potential. The sale, managed by Bank of America, is expected to attract a powerful international player capable of handling such a vast oil discovery. Namibia, despite not having existing oil and gas production, has become a focal point for global energy companies following several discoveries by Total Energy, Shell, and Galp. As companies evaluate their bids, the success of the Moban-X1 well, which showed maximum flows of 14,000 barrels per day, has reinforced the commercial viability of this significant discovery.