Latest news with #Galp
Reuters
29-05-2025
- Business
- Reuters
Portugal's Galp eyes 40% oil output rise in Brazil with new field
LISBON, May 29 (Reuters) - Portugal's Galp ( opens new tab expects to boost its oil and gas production in Brazil by around 40% over the next few years, when the promising offshore field Bacalhau reaches peak output, executive board member Nuno Bastos told reporters. Galp produces 110,000 barrels of oil equivalent per day (boepd) in Brazil through a 70%-30% joint venture with China's Sinopec ( opens new tab, , which has stakes in several projects. The JV owns 20% of the Bacalhau field in the Santos Basin, where a floating production, storage and offloading (FPSO) vessel, with a daily capacity of 220,000 barrels, arrived in February. Norwegian energy company Equinor ( opens new tab, which holds a 40% stake and the operatorship of Bacalhau, expects the FPSO to start producing the first barrels in the third quarter. "Once the FPSO reaches plateau over the next few years, Galp's production in Brazil will increase by around 40%," Bastos, who heads the upstream business, told reporters on the sidelines of an energy conference late on Wednesday. It took 11 months for another FPSO in the Tupi-Iracema field, in the same basin, to get from the first oil to its maximum steady production capacity of 150,000 boepd, and in Bacalhau it should take longer as in this case the plateau is 220,000 boepd. "We are working to make it as fast and efficient as possible," he said, without committing to an exact date. Equinor estimated that the field holds more than 1 billion barrels in recoverable reserves for its first development phase. U.S. oil major ExxonMobil (XOM.N), opens new tab holds the remaining 40% of Bacalhau.
Zawya
07-05-2025
- Business
- Zawya
Invest in African Energy (IAE) 2025: Namibia's Petroleum Commissioner to Highlight Energy Investment Potential
Namibia's Ministry of Mines and Energy Petroleum Commissioner, Maggy Shino, will speak at the Invest in African Energy (IAE) 2025 forum in Paris, offering insights into the country's rapidly evolving hydrocarbon sector and the broader opportunities it presents for upstream investment and partnerships. Namibia has solidified its status as a premier frontier market, with a string of high-impact discoveries in the Orange Basin driving global investor interest. Galp's Mopane series of light oil finds – estimated to hold at least 10 billion barrels – alongside TotalEnergies' Venus and Shell's Graff discoveries, have positioned the basin among the most prospective in the world. Rhino Resources announced a discovery with its Capricornus-1X well in April 2025, following confirmation of a hydrocarbon reservoir with the Sagittarius-1X well in February. First oil from the Venus field – estimated to hold over five billion barrels of in-place resources – is targeted by 2030, with efforts underway to accelerate the development timeline. IAE 2025 ( is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 14-15, 2025 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit To sponsor or participate as a delegate, please contact sales@ Beyond the Orange Basin, Commissioner Shino will spotlight exploration activity in other emerging basins, including Chevron's acquisition of an 80% operating stake in Blocks 2112B and 2212A in the Walvis Basin, underpinned by extensive seismic coverage. In the onshore Kavango Basin, ReconAfrica is advancing its 2024 drilling campaign targeting an estimated 3.4 billion barrels of recoverable oil in the Damara Fold Belt, with preparations currently underway to spud a second exploration well. Namibia's recently implemented open-door licensing system further enhances the investment climate, offering streamlined access to upstream opportunities and flexible entry points for new and existing players. 'Namibia continues to command international attention as a frontier leader in upstream development. Commissioner Shino's insights into new licensing, acreage availability and basin activity at IAE 2025 offer investors a rare opportunity to engage directly with the driving force behind Namibia's energy boom,' says Sandra Jeque, Event&Project Director, Energy Capital&Power. Distributed by APO Group on behalf of Energy Capital&Power.
Reuters
29-04-2025
- Business
- Reuters
Portugal's Galp restarting Sines oil refinery over coming days
LONDON, April 29 (Reuters) - Portugal's Galp ( opens new tab will be gradually restarting units at its Sines oil refinery over the coming days after the major Iberian power outage on Monday forced it to suspend operations, a spokesperson for the company said. In addition to Galp's plant, oil refineries across Spain operated by Repsol ( opens new tab, Moeve, and Petronor ( opens new tab also announced they were beginning to restart operations on Tuesday after Monday's blackout brought both countries to a standstill. Power was restored to the Iberian peninsula by Tuesday, after the worst blackout in the countries' history, the cause of which remains unclear. Portugal's government said on Tuesday that power supplies had been normalised for all 6.4 million electricity clients. Sines, which has a crude processing capacity of 225,000 barrels per day, is Galp's only operating oil refinery. It ceased crude oil processing at its smaller refinery at Matosinhos near Porto in 2021.
TimesLIVE
29-04-2025
- Business
- TimesLIVE
Portugal's Galp seeks Namibia oil and gas partner
Portugal's Galp Energia has resumed talks with potential partners as it seeks to develop a discovery in Namibia, the company said on Monday after reporting a 29% drop in adjusted first-quarter core profit. In February, Galp said it had found a significant presence of light oil and gas condensate in a fifth well in the Mopane field offshore of Namibia. Co-CEO Maria Joao Carioca said the well "unlocked a new exciting area within Mopane" and Galp will advance on feasibility studies "in the coming months". At the same time, it is seeking to sell part of its 80% stake in Mopane's Petroleum Exploration Licence 83 to a player who would become its operator. "A partnership is our natural and preferred next step. We are re-engaging with interested parties we have had conversations with before and data is now being shared with them," Carioca told a conference call with analysts. Also on Monday, Galp reported first-quarter adjusted earnings before interest, taxes, depreciation and amortisation fell to €669m (R14.15bn), hit by falling oil output and lower refining margins, but slightly above an average of €666m (R14.09bn) expected by 17 analysts.
Yahoo
29-04-2025
- Business
- Yahoo
Galp Energia SGPS SA (GLPEF) Q1 2025 Earnings Call Highlights: Strategic Divestments and ...
Upstream Production: 104,000 barrels due to planned maintenance. Cash Breakeven: $20 per barrel for Upstream operations. Cash-In from Divestments: $870 million from Mozambique's Area 4 and Angola earnout. Planned Maintenance: Over 40% of full-year plan completed in Q1. Release Date: April 28, 2025 Warning! GuruFocus has detected 4 Warning Sign with TRATF. For the complete transcript of the earnings call, please refer to the full earnings call transcript. Galp Energia SGPS SA (GLPEF) reported a solid start to 2025 with robust contributions from its Iberian businesses, offsetting weaker Upstream performance. The company successfully completed the divestment of its stake in Mozambique's Area 4, resulting in an $870 million cash inflow. Galp's Upstream operating base maintains a cash breakeven of $20 per barrel, showcasing resilience amid market volatility. The company is engaging with credible top-tier operators for potential partnerships in Namibia, indicating strategic growth opportunities. Galp's disciplined capital allocation and focus on maintaining a lean organization are expected to support agile decision-making and long-term value creation. The Upstream performance was slightly weaker due to planned maintenance, resulting in over 40% of the full-year stoppage days being utilized in Q1. Galp refrained from updating its financial guidance due to market uncertainty, reflecting cautiousness amid volatile conditions. The farm-out process in Namibia may take time, with no strict timeline for completion, potentially delaying strategic partnerships. Refining margins were pressured in April, with expectations of $6 per barrel for 2025-2026 amid uncertain demand dynamics. The company faces challenges in optimizing CapEx amid lower oil prices, with potential delays in investment decisions to maintain financial stability. Q: Can you provide more details on the Namibia farm-down process and the timeline for potential partnerships? A: Maria Joao Carioca, Co-CEO and CFO, explained that Galp is reengaging with interested parties for partnerships in Namibia. Data sharing is ongoing, with a focus on aligning interests for a fair valuation. The process is expected to conclude by Q4, but there is no strict timeline, emphasizing no procrastination but also no rush. Q: How is Galp handling capital priorities given the current market downturn and unchanged financial guidance? A: Maria Joao Carioca stated that Galp maintains a resilient base case with a cash breakeven of $20 per barrel. Despite market uncertainties, Galp is not revising its guidance and has already reduced CapEx by 20% from previous estimates. There is room for further optimization if needed, but the focus remains on disciplined investment decisions. Q: What is the status of the Bacalhau project in Brazil, and how does it impact Galp's financial outlook? A: Maria Joao Carioca confirmed that first oil from Bacalhau is expected later in 2025, with ramp-up continuing through 2026 and plateau expected in 2027. The project is anticipated to add approximately $400 million in operating cash flow annually at plateau, contributing significantly to Galp's portfolio. Q: Can you elaborate on the potential for a third hub in the Mopane complex in Namibia? A: Maria Joao Carioca indicated that while there is great potential in Mopane, the current focus is on developing the Northwest and Southeast regions. The idea of a third hub is premature, and the priority is to integrate data from the initial exploration campaign to inform future development concepts. Q: How is Galp addressing the challenges of local content and collaboration in Namibia, as emphasized by the Namibian government? A: Maria Joao Carioca noted that Galp has had productive discussions with the Namibian government and views local content and synergies as normal and beneficial. Drawing from experiences in Brazil, Galp is committed to ensuring that the development of Namibian assets benefits both the company and the local community. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
