“We are happy that credible players are engaging with us,” announced Galp’s co-executive president, Maria João Carioca, during a call with analysts, stating that the offers were received between the end of June and the beginning of July.
According to Carioca, Galp will now “initiate bilateral conversations to analyze the proposals,” aiming to finalize an agreement for a partnership by the end of this year.
She emphasized that forming a partnership with an experienced operator is a “critical element” of this process and hence, they “are not in a hurry.”
Galp is part of a consortium with Namcor and Custos, holding 80% of the capital, for oil exploration in Namibia.
In October, the then-CEO of Galp, Filipe Silva, indicated during a conference with analysts that the oil company is expected to maintain its current 80% stake in the Namibian oil exploration project until the end of 2025, by which time the works will be completed.
Galp reported a profit of 565 million euros through June, a decrease of 9% compared to the same period last year, impacted by the concentration of maintenance shutdowns in the first quarter.
The oil company revised upwards its oil and gas production estimate for the year to between 105,000 and 110,000 barrels per day and its EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) forecast to 2.7 billion euros, following improvements in the second quarter.
