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Monday, February 13, 2023
Portuguese firm Galp announced that it has signed an agreement with Angolan firm Somoil (Sociedade Petrolífera Angolana S.A.) for the sale of its upstream assets in Angola’s Block 14.
Proceeds are expected to reach around $830 million, already net of capital gain taxes, including c.$655 million to be received until completion and $175 million 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.
“This transaction allows Galp to crystalize value from mature upstream assets and supports the high-grading of our upstream portfolio and our decarbonization strategy. We are confident that Somoil, already present in Block 14, will be a strong contributor to the development of these longstanding Galp assets,” Stated Filipe Silva, Galp CEO.
Prior to the transaction, Galp had five projects sanctioned and six exploration licenses in Angola. The five offshore projects 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 FPSOs, all in production phase.
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