Galp eyes partner for Namibia's Mopane discovery
Galp has expressed confidence in securing a partner to develop the Mopane field off the coast of Namibia, initially estimated to hold at least 10 billion barrels of oil and gas equivalent.
The company is currently in discussions with potential partners to sell part of its 80% stake to an oil company that would become the field’s operator.
Co-CEO Maria João Carioca said Galp had already received "several non-binding offers" and will enter bilateral talks to assess each proposal, including the bidders' development plans for Mopane. A decision is expected by the end of the year.
“We are happy that we have credible players engaging with us. We're focused on ensuring this partnership is successfully established,” she told analysts during a conference call.
Galp's upstream portfolio in Namibia includes Petroleum Exploration Licence 83 (PEL 83). The company holds an 80% stake in PEL 83, which spans nearly 10 000 square kilometres in the Orange Basin, located in the southern part of Namibian waters, near the South African border.
In the first half of 2024, Galp (as 80% owner and operator) worked alongside partners - the National Petroleum Corporation of Namibia (Namcor) and Custos Energy, each holding 10% - to explore the Mopane prospect. The initial phase of exploration has been completed, including the drilling of two wells and testing of one. - Reuters, with additional reporting by Market Watch
The company is currently in discussions with potential partners to sell part of its 80% stake to an oil company that would become the field’s operator.
Co-CEO Maria João Carioca said Galp had already received "several non-binding offers" and will enter bilateral talks to assess each proposal, including the bidders' development plans for Mopane. A decision is expected by the end of the year.
“We are happy that we have credible players engaging with us. We're focused on ensuring this partnership is successfully established,” she told analysts during a conference call.
Galp's upstream portfolio in Namibia includes Petroleum Exploration Licence 83 (PEL 83). The company holds an 80% stake in PEL 83, which spans nearly 10 000 square kilometres in the Orange Basin, located in the southern part of Namibian waters, near the South African border.
In the first half of 2024, Galp (as 80% owner and operator) worked alongside partners - the National Petroleum Corporation of Namibia (Namcor) and Custos Energy, each holding 10% - to explore the Mopane prospect. The initial phase of exploration has been completed, including the drilling of two wells and testing of one. - Reuters, with additional reporting by Market Watch
