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Galp Energia SGPS (OTC:GLPEY) Stock, Option Chain

Galp Energia SGPS

GALP ENERGIA ADR

Galp Energia SGPS SA is an integrated operator with business lines spanning from exploration and production to refining and marketing of oil products. Its operating segments include Upstream, Industrial and Midstream, Commercial and Renewables, and New Businesses. The Upstream segment involves the management of all activities relating to the exploration, development, and production of hydrocarbons. The Industrial & Midstream segment operates the Sines industrial site in Portugal, which includes all current refining activities, The Commercial segment encompasses the area of retail to final B2B and B2C customers of oil, gas, electricity, and convenience. The Renewables & New Businesses segment represents Galp's presence in the renewable and new energies space.

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Alphabet, Exxon Mobil, Palantir Technologies And More On CNBC&#39;s &#39;Final Trades&#39;

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Exxon Mobil reportedly withdraws from competition to acquire Galp Energia&#39;s stake in Namibia oil discovery. Other companies continue to pursue. Other major oil companies also showed interest in Namibia. 

Exxon Passes On $10B Namibian Oil Field: Report

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Chevron Corporation (NYSE: CVX), one of the world&#39;s leading integrated energy companies, and Rhino Resources, a prominent South Africa-based company, have submitted environmental documents for their wildcatting operations offshore Namibia.

Chevron, Rhino Prepare for Offshore Drilling in Namibia

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On CNBC's &#8220;<a href="https://www.cnbc.com/video/2024/09/09/final-trades-shares-us-financials-etf-exxon-mobil-alphabet-class-a-and-palantir.html">Halftime Report Final Trades</a>,&#8221; Shannon Saccocia of NB Private Wealth named iShares U.S. Financials ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYF#NYSE">IYF</a>) as <a href="https://www.benzinga.com/quote/IYF">her final trade.</a>
Jim Lebenthal of Cerity Partners said Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) is off just 5% from the recent high level.
The oil major has reportedly withdrawn from the competition to acquire half of Galp Energia‘s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GLPEY#OTC">GLPEY</a>) stake in a significant oil discovery in Namibia.
Don't forget to check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
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In a recent development, the UK's competition watchdog, the Competition and Markets Authority (CMA), has raised objections to the ad tech practices of Google by Alphabet Inc. The tech giant's dominance in the online display advertising market has come under scrutiny.
Joseph M. Terranova of Virtus Investment Partners said Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) has been added to the S&amp;P 500 index.
S&amp;P Dow Jones Indices said Palantir would be added to the S&amp;P 500 Index, ahead of the start of trading on Sept. 23. Despite widespread anticipation, the S&amp;P had snubbed Palantir in its two previous quarterly rebalancing.
Price Action:
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<li>iShares U.S. Financials ETF gained 1.2% during Monday's session.</li>
<li>Exxon Mobil shares rose 2.1% to settle at $115.01 on Monday.</li>
<li>Alphabet shares fell 1.3% to close at $148.71.</li>
<li>Palantir Technologies shares jumped 14.1% to close at $34.60/</li>
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Image via Shutterstock

Alphabet, Exxon Mobil, Palantir Technologies And More On CNBC's 'Final Trades'

Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) shares are trading higher premarket Monday. The oil major has reportedly withdrawn from the competition to acquire half of Galp Energia&#8216;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GLPEY#OTC">GLPEY</a>) stake in a significant oil discovery in Namibia.
Earlier, over 12 big oil companies had shown interest in Galp&#8217;s 40% stake in the offshore Mopane discovery, reported Reuters.
The Mopane discovery is estimated to hold at least 10 billion barrels of oil and gas equivalent and could be valued at over $10 billion. Galp also proposes that the buyer operate the field.
As per the report, the reasons for Exxon&#8217;s withdrawal are unclear, but other companies continue to pursue the sale.&nbsp;&nbsp;
This year, other major oil companies showed interest in expanding their presence in Namibia.
TotalEnergies signed agreements to increase its stake in Namibia&#8217;s blocks 2913B &amp; <a target="_blank" href="https://www.benzinga.com/markets/equities/24/01/36572202/totalenergies-99m-investment-boosts-its-share-in-namibian-oil-discovery-blocks" rel="noreferrer noopener">2912, collaborating with QatarEnergy</a>.
Also, Shell stated its plans to drill exploration and appraisal wells in the area, shifting focus south of Namibia where recent discoveries in the prolific <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39683994/shell-requests-approval-for-exploration-wells-off-south-africas-coast-report" rel="noreferrer noopener">Orange Basin suggest further potential</a>.
Last week, Exxon inked a deal with&nbsp;Abu Dhabi National Oil Company (ADNOC), under which ADNOC will acquire a&nbsp;35%&nbsp;equity stake in Exxon Mobil&#8217;s proposed low-carbon hydrogen and&nbsp;<a target="_blank" href="https://www.benzinga.com//node/40713530" rel="noreferrer noopener">ammonia production facility in Baytown, Texas</a>.
Investors can gain exposure to the XOM via&nbsp;Energy Select&nbsp;Sector&nbsp;SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) and&nbsp;IShares U.S.&nbsp;Energy&nbsp;ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYE#NYSE">IYE</a>).
Price Action: XOM shares are up 0.65% at $113.37 at the last check premarket Monday.
Photo: Del Henderson Jr. via Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

<a href="https://www.reuters.com/business/energy/oil-majors-show-interest-galps-namibia-oil-prospect-sources-say-2024-07-02/" title="https://www.reuters.com/business/energy/oil-majors-show-interest-galps-namibia-oil-prospect-sources-say-2024-07-02/">https://www.reuters.com/business/energy/oil-majors-show-interest-galps-namibia-oil-prospect-sources-say-2024-07-02/</a>

Over 12 Oil Companies, Including Exxon, Shell, And Brazil's Petrobras, Express Interest In Buying 40% Stake In Galp Energia's Major Offshore Namibia Oil Discovery; Estimated To Hold 10B Barrels Of Oil And Gas, Valued At Over $10B

Chevron Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cvx#NYSE">CVX</a>), one of the world&#39;s leading integrated energy companies, and Rhino Resources, a prominent South Africa-based company, have submitted environmental documents for their wildcatting operations offshore Namibia. These exploration campaigns are scheduled to commence in the hydrocarbon-rich Orange Basin by late 2024 or early 2025. This region currently has no active drilling rigs, marking the first such pause in nearly two years.
<h3>Chevron&#39;s Ambitious Plans in Block 2813B</h3>
Location and Strategic Importance: CVX&#39;s drilling activities are set to focus on Block 2813B. This block is strategically located north of the area operated by TotalEnergies SE (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tte#NYSE">TTE</a>), a French-integrated oil and gas company and includes the significant Venus and Mangetti discoveries. Additionally, it lies west of a license area where Galp Energia (OTC: <a class="ticker" href="https://www.benzinga.com/stock/glpey#OTC">GLPEY</a>), a Portugal-based integrated energy company recently announced its Mopane discovery, which could hold up to 10 billion barrels of oil equivalent. The proximity to these substantial discoveries underscores the high potential of CVX&#39;s exploration efforts.
Expected Outcomes and Industry Impact: The drilling of at least one well in Block 2813B by CVX is expected to provide valuable insights into the geological structure and hydrocarbon potential. Given the success of nearby discoveries, there is considerable optimism about the outcomes. Successful drilling will boost CVX&#39;s portfolio and enhance its standing in the global energy market.
<h3>Rhino Resources Focuses on Block 2914A for Sagittarius Prospect</h3>
Detailed Exploration Plans: Rhino plans to drill two wells in Block 2914A with a primary focus on a prospect named Sagittarius. This prospect has garnered significant attention and was recently highlighted by Namibia&#39;s Petroleum Commissioner, Maggy Shino, as &quot;one of the most amazing prospects&quot; she had ever encountered. Such endorsements further amplify the anticipation surrounding Rhino Resources&#39; operations.
Geological Significance and Prospective Yields: The Sagittarius prospect is expected to offer substantial hydrocarbon reserves, given the geological formations and historical data of the region. Successful drilling in this block will position Rhino as a key player in Namibia&#39;s burgeoning offshore oil sector. The findings from these wells will be crucial in determining the full potential of the Orange Basin.
<h3>Environmental and Regulatory Compliance</h3>
Submission of Environmental Documents: Both CVX and Rhino Resources have taken steps to ensure compliance with environmental regulations by submitting the necessary documents. This is a key step in obtaining the required approvals for their exploration activities. Adherence to these regulations is essential to minimize environmental impact and ensure sustainable development.
Importance of Environmental Considerations: Submitting these documents highlights the companies&#39; commitment to responsible exploration. It is vital to balance economic development with environmental preservation, especially in sensitive marine ecosystems. By adhering to stringent environmental standards, CVX and Rhino have set a benchmark for future offshore operations in Namibia.
<h3>Economic and Strategic Implications for Namibia</h3>
Boosting the National Economy: The commencement of wildcatting operations by CVX and Rhino is expected to have significant economic implications for Namibia. Successful discoveries and subsequent oil production could lead to substantial revenue generation, job creation and overall economic growth. This could transform Namibia into a notable player in the global oil market.
Enhancing Energy Security: The exploration and potential extraction of hydrocarbons in the Orange Basin could also enhance Namibia&#39;s energy security. Reducing dependence on imported energy resources would be a strategic advantage, contributing to the country&#39;s energy independence and stability.
<h3>Future Prospects and Industry Trends</h3>
Potential for Further Discoveries: These exploration efforts can lead to additional discoveries in the Orange Basin. The geological profile of this region suggests that there are still untapped reserves waiting to be discovered. This could attract additional investments and lead to more exploratory campaigns in the future.
Technological Advancements in Exploration: The use of advanced drilling technologies and seismic survey techniques will play a critical role in the success of these operations. Technological advancements have significantly improved the accuracy and efficiency of hydrocarbon exploration by reducing risks and enhancing the likelihood of successful discoveries.
<h3>Conclusion</h3>
The upcoming wildcatting operations by CVX and Rhino in offshore Namibia mark a key moment for the country&#39;s oil sector. With significant geological potential and strategic importance, these projects are set to draw considerable attention from the global energy industry. The successful execution of these exploration campaigns could transform Namibia&#39;s economic landscape and establish it as a key player in the international oil market.
<h3>Zacks Rank and Key Picks</h3>
Currently, CVX and TTE carry a Zacks Rank #3 (Hold) each and GLPEY holds a Zacks Rank #4 (Sell).
Investors interested in the energy sector might look at some better-ranked stocks like Archrock, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aroc#NYSE">AROC</a>), sporting a Zacks Rank #1 (Strong Buy) at present.
Archrock is valued at $3.09 billion. The company currently pays a dividend of 66 cents per share, or 3.34%, on an annual basis.
AROC, together with its subsidiaries, works as an energy infrastructure company in the United States. The company operates under two segments &mdash; Contract Operations and Aftermarket Services.
<a href="https://www.zacks.com/stock/news/2279944/chevron-cvx-rhino-prepare-for-offshore-drilling-in-namibia?cid=CS-BENZ-FT-analyst_blog|company_news_-_energy_sector-2279944">To read this article on Zacks.com click here.</a>

<ul>
<li>U.S. LNG export project developer&nbsp;Venture Global&nbsp;and German energy company&nbsp;EnBW&nbsp;have&nbsp;<a class="editor-rtfLink" href="https://www.prnewswire.com/in/news-releases/venture-global-and-enbw-announce-lng-sales-and-purchase-agreements-887354140.html" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">signed two long-term sales and purchase agreements</a>&nbsp;for 1.5 million tonnes per annum (mtpa) of LNG.</li>
<li>The LNG will come from Venture Global&rsquo;s Plaquemines and CP2 facilities, starting in 2026.&nbsp;</li>
<li>According to the agreement, EnBW will purchase 0.75 mtpa from Plaquemines LNG and 0.75 mtpa from CP2 LNG for 20 years.</li>
<li>EnBW has become the next European customer of Venture Global, which has already announced agreements with&nbsp;PGNiG,&nbsp;BP plc&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/bp#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BP</a>),&nbsp;Shell plc&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/shel#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">SHEL</a>),&nbsp;Repsol&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/repyf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">REPYF</a>),&nbsp;Edison International&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/eix#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">EIX</a>), and&nbsp;GALP&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/glpef#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">GLPEF</a>).</li>
<li>Venture Global&rsquo;s first facility Calcasieu Pass started producing LNG in January 2022.&nbsp;</li>
<li>The company is also developing an additional 60 mtpa of production capacity in Louisiana. In addition, it is developing carbon capture and sequestration projects at each of its LNG facilities.</li>
<li><a class="editor-rtfLink" href="https://www.wsj.com/articles/u-s-natural-gas-exporter-completes-first-deal-with-german-buyer-11655798400?mod=hp_lead_pos2" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Wall Street Journal reports</a>&nbsp;that last week, Russia cut supplies to Europe as it faced economic sanctions from Western nations.&nbsp;</li>
<li>The report added that Germany would restart coal-burning power plants and offer incentives for companies to reduce gas consumption as it seeks to build up gas inventories ahead of winter.</li>
<li>Photo via Wikimedia Commons</li>
</ul>

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