(Ecofin Agency) – Like Empresa Nacional de Hidrocarbonetos (ENH) and Kogas, Galp was until now engaged in the prospecting of zone 4 of Rovuma offshore in Mozambique, alongside Eni, ExxonMobil and CNPC.
The Portuguese oil company Galp is withdrawing from exploration of zone 4 of Rovuma offshore in Mozambique. The information was made official this Wednesday, May 22 as part of an agreement signed with the Qatari oil and gas company Adnoc.
The deal provides for the acquisition by the company of the 10% stake that Galp holds in the area which houses the Coral South FLNG gas project, currently in operation, in addition to the onshore Coral North FLNG and Rovuma LNG projects, currently under development.
This will be done in exchange for a payment to Galp of approximately $650 million to which could be added additional payments of $100 million for Coral North and $400 million for Rovuma LNG, if these projects obtain approvals required and the final investment decision concerning them is taken.
“The transaction is part of Galp’s disciplined capital expenditure strategy”declared the multinational to justify its choice announced several weeks ago, to withdraw from gas exploration in Mozambique.
More than a year ago, Galp had already offloaded, to the benefit of Etu Energias, its interests in the upstream segment of the oil industry in Angola, another sub-Saharan African country where it holds stakes in the same way as in Eswatini, São Tomé and Príncipe and Namibia. In the latter country, the company identified at the end of April 2024, a crude deposit in the PEL 83 zone of interest which would contain some 10 billion barrels.
Abdel-Latif Boureima
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04/22/2024 – Namibia: Galp announces a crude reserve of around 10 billion barrels in the PEL 83 zone of interest
