“Galp signed an agreement with Somoil - Sociedade Petrolífera Angolana S.A. for the sale of its 'upstream' assets in Angola", reads the same note, in which the oil company detailed that the value of the operation should be around US$830 million, including 655 million dollars (613 million euros) by completion and a further 175 million dollars (163.8 million euros) in contingent payments in 2024 and 2025, depending on the price of Brent, he said.
“The transaction is subject to the usual terms and conditions, and is expected to be completed during the second half of 2023,” reads the same note.
“This transaction allows Galp to crystallize value from mature 'upstream' assets and supports the high rating 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 long-standing Galp assets”, said Filipe Silva, executive president of Galp, quoted in the same note.
The company was advised by Bank of America Securities in this operation, he said.