French energy giant TotalEnergies and American oil major Chevron have emerged as frontrunners in what could be one of Africa’s biggest energy deals this year, as both companies compete to acquire a 40% operating stake in Galp Energia’s Mopane oil discovery offshore Namibia.
The Mopane field, estimated to contain at least 10 billion barrels of oil, has attracted fierce competition from global energy majors seeking entry into one of the world’s most promising new exploration frontiers. Industry sources familiar with the negotiations reveal that more than 12 oil companies, including Exxon, Shell, and Petrobras, initially expressed interest in the asset, though Exxon withdrew in June and Petrobras has reportedly been outbid by TotalEnergies.
Galp Energia plans to select a partner by the end of this year. A company spokesperson confirmed that negotiations are advancing with a shortlist of preferred bidders strongly aligned with Mopane, though the names have not been officially disclosed. Both TotalEnergies and Chevron already operate oilfields near the Mopane discovery in Namibia’s Orange basin, positioning them strategically for synergies. TotalEnergies’ 150,000-barrel-per-day Venus project sits close to Mopane and could offer valuable operational integration, though its high gas content poses development challenges. The French company aims to reach a final investment decision on the Venus project next year.
Namibia, which currently has no commercial oil production, is positioning itself to become a top 15 oil producer globally within the next decade. However, the country’s geology has proven challenging to many majors, including Shell, which wrote down its discoveries as uncommercial. Chevron found no commercial reserves after drilling a well in Namibia’s Orange basin this year, but CEO Mike Wirth said the effort still yielded valuable information to evaluate future drilling.
For TotalEnergies, success in Namibia would reinforce Africa’s vital role in its upstream portfolio, which accounts for up to 40% of its global oil and gas output. Chevron, meanwhile, is seeking to reinvigorate its frontier exploration strategy following mixed results from earlier Namibian drilling.
Both Chevron and TotalEnergies have reportedly declined to comment on the ongoing negotiations.
Source: offshore-mag.com