Source: Business Express
Portuguese energy company Galp Energia is in advanced talks with several major oil companies to divest a 40% stake in its Mopane field offshore Namibia, reported Reuters.
According to Galp executive board member Nuno Bastos, the company aims to select a partner by the end of this year.
Galp intends to sell half of its 80% stake in the Mopane field, which is estimated to contain reserves of at least ten billion barrels (bbbl).
The selected partner will take on the role of operator for the offshore field.
Earlier this year, the joint venture (JV) partners in Petroleum Exploration License 83 (PEL 83) revealed an additional oil and gas condensate discovery in the Mopane field. PEL 83 covers blocks 2813A and 2814B.
Bastos told reporters: “It is critical to understand who is the best partner.
“There are talks with several major potential partners in Namibia, they are certainly advanced and we expect to have a partner by the end of the year.”
Galp aims to explore new ventures, particularly in Brazil and São Tomé and Príncipe, until the Mopane field starts production, which is not expected before 2031 or 2032.
The company’s oil and gas output is primarily focused in Brazil, where it forecasts an average production of 105,000–110,000 barrels of oil equivalent per day by 2025.
The company operates in Brazil through Petrogal Brasil, a JV with China’s Sinopec, which holds a 30% stake.
This partnership has interests in various projects including a 20% share in the Bacalhau field in the Santos Basin.
The Bacalhau field is said to have recoverable reserves exceeding 1bbbl.
Recently, the Bacalhau field started production using a floating production, storage and offloading vessel capable of processing up to 220,000 barrels per day.
Bacalhau is expected to generate an annual cash flow of €400m ($466m), which will support Galp’s operations over the next 15–20 years, according to Bastos.
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Author: admin
Managing the Namibia Oil and Gas Platform