10:46 AM EDT, 07/02/2024 (MT Newswires) -- (Updates with additional details.)

Exxon Mobil ( XOM ) and Shell (SHEL) are among the more than 12 oil companies that have expressed interest in buying a 40% stake in Galp Energia's oil discovery off the coast of Namibia, Reuters reported Tuesday, citing sources close to the sales process.

Galp's Mopane discovery is estimated to hold at least 10 billion barrels of oil and gas equivalent and could be valued at over $10 billion, according to Reuters.

Companies including Exxon, Shell, Chevron ( CVX ) , TotalEnergies (TTE), Petrobras (PBR), Australia's Woodside Energy ( WDS ) , and Apache Energy struck agreements for accessing geological data of the field, the report said, citing four unnamed sources.

Several firms placed indicative, non-binding offers for the stake in late June, the sources were quoted as saying.

Most companies were expected to give an upfront cash payment to Galp, the report said, citing the sources.

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

(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.)

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