TotalEnergies SE has positioned itself as the leading bidder to acquire a 40 percent stake in Galp Energia SGPS SA’s Mopane oil discovery offshore Namibia, Bloomberg reported. The French energy giant has overtaken other international competitors seeking a share in the project.

Galp is aiming to find a partner to take over operatorship of the field before the end of the year. A company representative confirmed ongoing discussions with shortlisted candidates but declined to provide further details.

The Mopane discovery, situated in Namibia’s Orange Basin, is considered one of the world’s most promising offshore exploration zones. Estimates suggest the field could hold up to 10 billion barrels of oil equivalent, making it one of the largest finds globally in the past decade. Other major players, including Shell Plc and Chevron Corp., have also expressed interest in the area.

Analysts at UBS Group AG have indicated that the 40 percent stake could sell for roughly €200 million in upfront cash, with the buyer covering an additional €3 billion in project development costs. Galp had previously announced plans to divest half of its 80 percent holding in Mopane to a partner who would assume operatorship.

Securing Mopane would further TotalEnergies’ push into Namibia’s emerging exploration frontier. The company is concurrently negotiating development terms with the government for its nearby Venus project, which could require up to 11 billion US dollars to construct a 150,000-barrel-a-day floating production vessel and subsea wells.