Galp withdraws from E&P offshore Angola

 Galp has agreed to sell its upstream assets offshore Angola to Somoil -Sociedade Petrolífera Angolana.

The transaction, estimated at about $830 million, should complete during the second half of this year.

The sale comprises

  • Block 14 (9% Galp): Tombua; Landana; BBLT – Benguela, Belize, Lobito, Tomboco; and Kuito;
  • Block 14K (4.5% Galp): Lianzi;
  • Block 32 (5% Galp): Kaombo (operating) and CNE (under development).

Somoil is already present in Block 14.

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