Ver Angola


Government formalizes Galp's exit from blocks 14 and 32

The Government authorized the total transfer of Galp Energia's shares in blocks 14 and 32 in favor of the national oil company Somoil, formally completing the sale of shares in the Portuguese oil company.

: Observador

The sale of Galp's stake to Somoil, for a value of 830 million dollars, was communicated to the Securities Market Commission, in February 2023.

The contract comprised a sum of 655 million dollars to be received upon completion of the deal and 175 million dollars between 2024 and 2025, but dependent on the price of oil.

The package of assets sold to this Angolan private equity company includes the nine percent stake that Galp has in Block 14 (with several fields in production), as well as the 4.5 percent position in Block 14-K, five percent in Block 32, and there is still a project in the development phase.

The Ministry of Mineral Resources, Oil and Gas, in executive decrees of May 9th to which Lusa had access this Friday, authorizes the transfer of all shares in Galp Energia Overseas Block 14 B.V in favor of Somoil Block 14 II B.V, an affiliate of Etu Energias, S.A, as well as the total transfer of the shares of Galp Overseas Block 32 B.V in favor of Somoil Block 32 B.V.


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