Portuguese oil and gas company Galp Energia has initiated the sale of stake in its exploration block off the coast of Namibia, reported Reuters, citing three industry sources familiar with the matter.

The company recently made a substantial oil and gas discovery at the Mopane field, which is part of the Orange Basin within petroleum exploration licence 83 (PEL 83).

As per the estimates, the discovery contains at least ten billion barrels of oil and gas equivalent, positioning itself as a pivotal find in the region.

Bank of America has been appointed to oversee the sale of the stake in the block, which could generate several billion dollars for Galp.

According to the sources, Galp is willing to transfer project development control to the acquirer, which is likely to be a major international entity with a robust project management portfolio.

Galp holds an 80% interest in PEL 83, encompassing nearly 10,000km² in the Orange Basin.

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The remaining stakes are held by Namibia’s national oil company, NAMCOR, and the independent exploration group Custos, each with a 10% share.

PEL 83 is located immediately north of PEL 39, which includes Shell‘s notable discoveries at Graff-1, La Rona-1 and Jonker-1. 

As part of its commitment to sustainability, Galp aims to achieve net-zero carbon emissions by 2050 and has pledged to direct half of its investment towards low-carbon energy by 2025.

Galp had previously signalled its intent to seek funding to support the development of its expansive projects in Namibia.