Brazil’s state-run oil firm Petrobras has reportedly made a non-binding offer to buy a major stake in the Orange basin off the coast of Namibia. Industry insiders reported that Petrobras is interested in acquiring the massive oil discovery made by Portuguese company Galp Energia and its local partners. 

Petrobras’ offer was shared with an international news agency on Friday by its exploration and production director Sylvia dos Anjos.

If accepted, the bid would make Petrobras the operator of the Mopane oil and gas field, which has an estimated 10 billion barrels of oil equivalent, she said in an interview.

“We are the best deepwater operators,” said Anjos on the sidelines of an oil and gas conference. “If (Galp) don’t choose us, it’s their loss.”

She added that Petrobras is seeking opportunities abroad due to difficulty in securing Brazilian environmental licenses for exploration. This is as Petrobras encountered staunch resistance from indigenous groups and environmental regulators that have significantly slowed efforts to drill in offshore areas near the mouth of the Amazon River.

Meanwhile, French multi-national TotalEnergies has announced its withdrawal from an exploration block off the coast of South Africa, in which its affiliate TotalEnergies EP South Africa holds a 45% interest.

“TotalEnergies entered into Block 11B/12B in 2013 and made two gas discoveries, Brulpadda and Luiperd, which could however not be turned into a commercial development as it appeared to be too challenging to economically develop and monetise these gas discoveries for the South African market,” the company noted via a media statement.  

TotalEnergies has also decided to exit from offshore exploration Block 5/6/7, where its South African subsidiary currently holds a 40% interest.