29-04-2025
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.
