02:43 PM EDT, 09/09/2024 (MT Newswires) -- Exxon Mobil ( XOM ) has decided against pursuing to buy half of Galp Energia's 40% stake in the offshore Mopane discovery in Namibia, Reuters reported Monday, citing people with knowledge of the matter.

The reasons for Exxon's decision were not clear, but other interested companies have continued to engage with Galp on the sale, the sources told the news agency.

Mopane, believed to hold at least 10 billion barrels of oil and gas equivalent, could be valued at more than $10 billion, and Galp also wants the buyer to operate the field, according to the report.

Exxon and Galp declined Reuters' requests for comment.

The companies did not immediately respond to requests for comment from MT Newswires.

Exxon shares were nearly 3% higher in recent trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 115.76, Change: +3.12, Percent Change: +2.77