Portuguese energy giant Galp Energia is in the final stretch of negotiations with several major oil companies to divest a 40% stake in its massive Mopane field offshore Namibia, with a partner selection expected before the year runs out. The company’s executive board member Nuno Bastos revealed that talks with multiple potential partners are “certainly advanced,” as Galp aims to sell half of its 80% stake in the field estimated to contain at least ten billion barrels of oil reserves.
The selected partner will assume the critical role of field operator for the offshore development. Earlier this year, the joint venture partners in Petroleum Exploration License 83, covering blocks 2813A and 2814B, announced an additional oil and gas condensate discovery in the Mopane field, further boosting its commercial viability.
While the partnership negotiations progress, Galp is simultaneously pursuing new ventures in Brazil and São Tomé and Príncipe to maintain production momentum until Mopane comes online, which is not anticipated before 2031 or 2032. The company’s current oil and gas output remains heavily concentrated in Brazil, where it forecasts average production of 105,000 to 110,000 barrels of oil equivalent per day by 2025 through its joint venture with China’s Sinopec in Petrogal Brasil.
The recently commissioned Bacalhau field in Brazil’s Santos Basin is expected to generate annual cash flow of €400 million over the next 15 to 20 years, providing crucial financial support for Galp’s operations and expansion plans.
Source: offshore-technology.com