XM does not provide services to residents of the United States of America.

Petrobras bids for Galp's oil field in Namibia, seeking opportunity abroad



<html xmlns="http://www.w3.org/1999/xhtml"><head><title>EXCLUSIVE-Petrobras bids for Galp's oil field in Namibia, seeking opportunity abroad</title></head><body>

Recasts headline, adds quotes in paragraphs 3 and 7, and context

By Marta Nogueira

ARACAJU, Brazil, July 26 (Reuters) -Brazil's state-run oil firm Petrobras PETR4.SA has made a non-binding offer to buy a major stake in Galp Energia's GALP.LS huge offshore oil discovery in Namibia, Petrobras exploration and production director Sylvia dos Anjos told Reuters on Friday.

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, Anjos said in her first interview since taking her new role last month.

"We are the best deepwater operators," said Anjos on the sidelines of an oil and gas conference in the northeastern state of Sergipe. "If (Galp) don't choose us, it's their loss."

Petrobras is seeking opportunities abroad due to "unacceptable" difficulty in getting environmental licenses to explore new areas in Brazil, Anjos said.

The firm has hit stiff resistance from Indigenous groups and environmental regulators slowing its efforts to drill in promising offshore areas near the mouth of the Amazon River.

Workers at environmental agency Ibama have also been slow-walking all licensing this year due to a labor dispute.

"We want to work in Brazil, but if we are not welcome, we will go somewhere else, and we will maintain our production," Anjos said.

More than 12 rivals, including Exxon XOM.N and Shell SHEL.L, have expressed interest in buying a 40% stake in Galp Energia's oil field, Reuters previously reported. Anjos did not say whether the bid was to buy the full 40% or a smaller share.



Reporting by Marta Nogeuira
Writing by Fabio Teixeira
Editing by Brad Haynes and Rod Nickel

</body></html>

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.