On Monday, July 21, Galp expressed its satisfaction at having received “several” non-binding offers from “credible” potential partners for its oil exploration project in Namibia, with whom it will now begin discussions, RTP Notícias reported.
“We are pleased that credible operators are engaging with us,” said Galp’s Co-CEO, Maria João Carioca, during a call with analysts, noting that the offers were received between late June and early July.
According to Carioca, Galp will now “begin bilateral talks to review the proposals,” while maintaining the end of this year as the target timeline for closing a partnership deal.
She explained that forming a partnership with an experienced operator is a “critical element” of the process and, therefore, “there is no rush.”
Galp is part of a consortium with the Namibian state oil company Namcor and Custos Energy, in which it holds an 80% stake, for the oil exploration project in Namibia. In October last year, Galp’s then-CEO, Filipe Silva, told analysts at a conference that the company planned to retain its 80% stake in the Namibian oil project until the end of 2025, “when the exploration work is due to conclude.”
On Monday (July 21), Galp also reported a profit of €565 million for the first half of the year. However, this figure represents a 9% decline compared to the same period last year, mainly due to several maintenance shutdowns during the first quarter—temporary halts in some operations that impacted production and financial results.
The company has revised its annual oil and gas production forecast upward to between 105,000 and 110,000 barrels per day, and its EBITDA (earnings before interest, taxes, depreciation, and amortization) forecast to €2.7 billion, following improved performance in the second quarter.
Source: DE
