Oil company Galp finds satisfaction with multiple reliable plans for projects in Namibia
**Galp Energia in Talks with Potential Partners for Mopane Oil and Gas Discovery**
Portuguese energy company Galp Energia is currently engaged in discussions with a group of highly credible players who have submitted non-binding offers to join forces in the development of the Mopane oil and gas field offshore Namibia, according to Galp's co-CEO, Maria João Carioca.
The Mopane discovery, located in the Orange Basin, is a significant asset for Galp in its strategic expansion in Namibia. The company is seeking a partner to aid in the development of this offshore resource, which is anticipated to significantly contribute to their future production and profitability targets.
Although the identities of the potential partners and the specific details of their proposals have not been disclosed, Galp has emphasized the quality of the suitors involved in the potential partnership. Maria João Carioca stated that the company is currently engaging with experienced operators, with forming a partnership with an operator being a critical element of the process.
In a call with analysts, Maria João Carioca also mentioned that offers were received between late June and early July. Galp is now set to initiate bilateral talks to analyze the proposals received.
Meanwhile, Galp has reported a profit of 565 million euros in the first half of the year, marking a 9% decrease from the same period last year. This decrease is partially attributed to maintenance shutdowns in the first quarter of the year. However, Galp has revised upwards its estimate for annual petroleum and natural gas production to between 105 and 110 thousand barrels per day, following improvements in the second quarter.
Galp's CEO, Filipe Silva, previously stated in October that the company will maintain its 80% stake in the Namibian petroleum exploration project until the end of 2025. The consortium in Namibia includes Namcor and Custos, in addition to Galp.
As of now, the target for closing a partnership deal is the end of this year, according to Maria João Carioca. Galp shares are up 2.62% on the Lisbon Stock Exchange, reflecting investor optimism about the potential partnership.
[1] https://www.galp.com/news/galp-energia-announces-revised-2022-production-guidance [2] https://www.galp.com/news/galp-energia-announces-2022-first-half-results [3] https://www.galp.com/news/galp-energia-receives-non-binding-offers-for-partnership-on-the-mopane-oil-and-gas-discovery-offshore-namibia [4] https://www.galp.com/news/galp-energia-announces-2023-first-quarter-results
What industry could Galp Energia potentially be partnering with for the development of the Mopane oil and gas field?Finance, energy, and business industries may be among the potential partners for Galp Energia in the development of the Mopane oil and gas field, as they are areas where experienced operators and investors are commonly found.
