Africa-Press – Angola. Oil and gas specialist Patrício Wanderley Quingongo said this Thursday that the departure of the company Galp in Angola was foreseeable and the national private oil company Somoil should take the opportunity to advance its position in the “oil and gas” market.
Patrício Quingongo, regarding the announcement about the sale of Galp’s production assets in Angola, for around US$830 million.
If the purchase of Galp’s stake by Somoil goes through, according to the expert, Sonangol will also mark a step forward, becoming the national oil company with the greatest assets in the Angolan oil industry.
“It will also be another opportunity for Angolan companies to leverage their participation in the oil and gas industry”, advanced the specialist and chairman of the Executive Committee of the national consultancy, PetroAngola.
According to the specialist, it was expected that this operation would take place in the short term, noting that the Portuguese company, GALP, has already been showing signs.
On the other hand, the company, Galp, at central level has focused more on renewable energies, having developed projects of this magnitude.
The company has exploration and production assets in Angola and Brazil, but with a greater focus on that Latin American country.
Galp is abandoning Angola’s oil activity to focus on greener projects, such as the energy transition.
According to the news published by the Portuguese press, Galp signed an agreement with Somoil, Sociedade Petrolífera Angolana for the sale of oil exploration assets in Angola, for around US$830 million (just under 800 million euros), net of capital gains taxes, with 655 million to be received when the operation is concluded and 175 million of contingent payments in 2024 and 2025, dependent on the price of oil.
The announcement by the Portuguese company, made in a statement, mentions that the company expects to complete the operation in the second half of 2023.
The transaction will allow Galp to crystallize the value of its mature upstream assets (production) and support a different portfolio and decarbonization strategy.
Galp is also confident that Somoil, already present in block 14, will strongly develop these assets, where Galp has been for many years.
The company adds that the assets included in the transaction are from block 14 (9% Galp): Tombua, Landana, BBLT – Benguela, Belize, Lobito, Tomboco, Kuito, In block 14K (4.5% Galp): Lianzi, No block 32 (5% Galp), Kaombo (in operation) and CNE (under development).
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