Exxon Mobil out of the race for Galp oil discovered off the coast of Namibia

US oil company Exxon Mobil has pulled out of the race to buy a 40% share of the 80% that Portuguese energy company Galp holds in a crude oil exploration project off the coast of Namibia at the Mopane complex, according to the Reuters agency today.

Of the 80% share Galp is looking to sell around 40%.

There are 12 companies still in the running for the 40% including the Brazilian company Petrobas, the UK’s Shell, France’s Total Energias, and Norway’s Equinor. Exxon has not given an explanation for pulling out of the race.

After Exxon Mobil’s withdrawal was known, Galp’s shares, which kicked off the day in positive terrain, fell 0.31% to €17.41.