Africa : Galp Energia Withdraws from Mozambique Gas Exploration

The Portuguese oil and gas group Galp Energia has reached an agreement to sell a 10% stake in natural gas exploration projects in northern Mozambique to the Abu Dhabi oil company, Adnoc, for approximately 600 million euros.

Galp Energia decided to sell its 10% stake in the consortium exploring Area 4 of the Rovuma Basin in northern Mozambique, according to a statement released Wednesday by the Portuguese Securities Market Commission (CMVM).

The statement specifies that they should finalize this transaction this year after obtaining the necessary approvals.

This decision aligns with the group’s strategy to prioritize investments in other geographical areas such as Brazil and Namibia.

In April, the group announced the discovery of a field in Mopane, off the coast of Namibia, potentially containing 10 billion barrels of oil.

The Portuguese group, owned 35.8% by Amorim Energia and 8% by the public holdings company Parpublica, posted a record profit of one billion euros last year.

At the Lisbon Stock Exchange, Galp’s stock rose by 1.26% to 20.17 euros by mid-morning.

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