TotalEnergies and Chevron Vie for Stake in Namibia’s 10-Billion-Barrel Discovery

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TotalEnergies and Chevron have emerged as the leading contenders to acquire a 40% operating stake in Galp Energia’s massive Mopane oil discovery offshore Namibia, four industry sources familiar with the talks told Reuters.

The Mopane field, estimated to hold at least 10 billion barrels of oil, has drawn intense interest from global energy majors eager to enter one of the world’s most promising new exploration frontiers. Namibia, which currently has no commercial oil production, is positioning itself to become a top-15 producer globally within the next decade.

Galp plans to select a partner by the end of the year, and a company spokesperson confirmed that negotiations were progressing “with a shortlist of preferred bidders strongly aligned with Mopane,” though names were not disclosed. TotalEnergies and Chevron declined to comment.

More than a dozen firms, including ExxonMobil, Shell, and Brazil’s Petrobras, had expressed interest earlier in the process. Exxon withdrew in June, while Petrobras said it had been outbid by TotalEnergies.

Both TotalEnergies and Chevron already operate nearby oilfields in Namibia’s Orange Basin. TotalEnergies’ 150,000-barrel-per-day Venus project sits close to Mopane and could offer valuable synergies, though its high gas content poses development challenges. The French company aims to reach a final investment decision next year. Chevron, meanwhile, is seeking to reinvigorate its frontier exploration strategy following mixed results from earlier Namibian 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.

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