By Rodrigo Viga Gaier
RIO DE JANEIRO (Reuters) – Petrobras will include at least one partner in its bid for a 40% stake in Galp Energia’s Mopane oil prospect in Namibia, two sources with knowledge of the matter told Reuters.
Last week, Petrobras’ director of exploration and production, Sylvia dos Anjos, told Reuters that the state-owned company made a non-binding offer for a stake that would make it operator of the Mopane block, off the coast of Namibia. She did not detail how much of the 40% Petrobras was seeking.
The company will not seek the full 40% stake alone, the sources said on condition of anonymity, one of whom emphasized that the bid would have no impact on the company’s dividend payments.
“It is a competitive process in a coveted area, with the potential to be confirmed. The natural thing in a bid like this is to dilute the risk with partners”, said one of the sources, who did not say whether Petrobras was seeking it. partner or more, or if you had already found one.
Petrobras did not immediately respond to a request for comment.
Petrobras’ candidacy comes as it seeks to increase its reserves, but has faced challenges in obtaining environmental licenses to advance exploration in Brazil.
The southwest African nation of Namibia has risen to prominence as a new hub for oil and gas exploration following several major discoveries in recent years along its coast.
Galp wants to sell half of its 80% stake in the field, where estimates point to at least 10 billion barrels of oil equivalent, according to the company.
Assuming an oil recovery factor of 25% of the bloc’s oil reserves, the 40% stake in Mopane could cost around US$4 billion, BTG Pactual analysts estimated in a note last week, warning that the investment, together with possible purchases of two refineries in Brazil, it could increase the risks for Petrobras’ dividend payments.
(Reporting by Rodrigo Viga Gaier; Writing by Fabio Teixeira; Editing by Brad Haynes and Marguerita Choy)
