Galp sells stake in Mozambique natural gas project

Galp vende participação em projecto de gás natural de Moçambique

Galp intends to sell its stake in the Coral Sul natural gas project in Mozambique. To this end, the oil company has hired Bank of America, which has already been involved in the sale of the company's positions in projects in Angola, to find buyers.

According to information published by 'Negócios', Galp has a plan to pull out of Africa completely in the areas of exploration and production. After Angola and Mozambique, the national oil company is also planning to pull out of São Tomé and Príncipe and Namibia.

Sources linked to the sector contacted by 'Negócios' point out that Coral South is an asset that should attract many investors, mainly because the war in Ukraine has increased the appetite for natural gas in several countries.

Galp reached an agreement this week with Angola's Somoil for the sale of upstream assets in Angola for 830 million dollars, the company said in a statement released today and quoted by Executive Digest.

"Galp has signed an agreement with Somoil - Sociedade Petrolífera Angolana S.A. for the sale of its upstream assets in Angola," reads the same note, in which the oil company detailed that the value of the operation is expected to be around 830 million dollars, including 655 million dollars until completion and a further 175 million dollars in contingent payments in 2024 and 2025, depending on the price of Brent".

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