News listings

energy-pedia farmouts/divestments

Angola flagAngola

Middle East / Africa >>> Angola

Angola: Galp to divest Angolan upstream assets

13 Feb 2023

Photo - see caption

Galp has signed an agreement with SOMOIL - Sociedade Petrolífera Angolana S.A. for the sale of its upstream assets in Angola.

Proceeds are expected to reach c.$830 m, already net of capital gain taxes, including c.$655 m to be received until completion and $175 m in contingent payments due in 2024 and 2025 dependent on Brent price.

The transaction is subject to customary terms and conditions, with completion expected during the second half of 2023.

Filipe Silva, Galp CEO, said: 'This transaction allows Galp to crystalize value from mature upstream assets and supports the high-grading of our upstream portfolio and our decarbonisation strategy. We are confident that Somoil, already present in Block 14, will be a strong contributor to the development of these longstanding Galp assets.'

BofA Securities acted as financial adviser to Galp.

Assets and stakes included in the transaction

Block 14 (9% Galp): Tombua; Landana; BBLT – Benguela, Belize, Lobito, Tomboco; Kuito;  Block 14K (4.5% Galp): Lianzi; Block 32 (5% Galp): Kaombo (operating); CNE (under development)

Photo - see caption
The five offshore projects sanctioned are located in block 14 and 14K, with two compliant piled tower platforms (CPT) and block 32, with two Floating Production Storage and Offloading vessels (FPSO), all in production phase.

Click here for further info on Galp's offshore Angola assets

Original article link

Source: Galp

Bookmark and Share

A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.

Subscriber Only Deals

Current Deals

Current Upstream Deals: 232

Completed Deals

Completed Upstream Deals: 6585

Company Profiles

Current Company Profiles: 2914

Corporate Activity

Current Corporate Activity articles: 4158

Companies Looking

Current number of articles: 466

Company Sales

Current Company Sales articles:1664


Current Geostudies articles: 974

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...

energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...

energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...


Subscribe to the FREE
energy-pedia Daily Newsletter

Telos NRG
Government of South Australia
Union Jack Oil 149
Rose & Assocs
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans

Tel: +44(0)1727 822675