Exxon Mobil Corporation ( XOM ) shares are trading higher premarket Monday. The oil major has reportedly withdrawn from the competition to acquire half of Galp Energia‘s (OTC:GLPEY) stake in a significant oil discovery in Namibia.

Earlier, over 12 big oil companies had shown interest in Galp’s 40% stake in the offshore Mopane discovery, reported Reuters.

The Mopane discovery is estimated to hold at least 10 billion barrels of oil and gas equivalent and could be valued at over $10 billion. Galp also proposes that the buyer operate the field.

As per the report, the reasons for Exxon’s withdrawal are unclear, but other companies continue to pursue the sale.  

This year, other major oil companies showed interest in expanding their presence in Namibia.

TotalEnergies signed agreements to increase its stake in Namibia’s blocks 2913B & 2912, collaborating with QatarEnergy.

Also, Shell stated its plans to drill exploration and appraisal wells in the area, shifting focus south of Namibia where recent discoveries in the prolific Orange Basin suggest further potential.

Last week, Exxon inked a deal with Abu Dhabi National Oil Company (ADNOC), under which ADNOC will acquire a 35% equity stake in Exxon Mobil’s proposed low-carbon hydrogen and ammonia production facility in Baytown, Texas.

Investors can gain exposure to the XOM via Energy Select Sector SPDR Fund and IShares U.S. Energy ETF ( IYE ) .

Price Action: XOM shares are up 0.65% at $113.37 at the last check premarket Monday.

Read Next:

Exxon Bets Big On Oil: Expects Crude Demand To Defy Green Transition

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.