Galp has already received “credible” proposals for a project in Namibia
The oil company indicates that it has already received proposals from "credible" partners for the project in Namibia, and therefore expects to close the partnership by the end of this year.
“No rush” and in the process of selecting a “credible” partner. These were the main messages left by Galp’s co-CEO, Maria João Carioca, regarding the company’s project in Namibia. The Portuguese oil company indicates that it is in talks with various candidates and expects to conclude them by the end of the year.
“It is clearly our priority” to find a partner for the Namibian project, Maria João Carioca stated in a call with analysts following the second-quarter results presentation. “Having already received binding offers, we are analyzing them” and continuing multilateral discussions, the manager indicated, putting the end of 2025 as a likely deadline. For now, she is pleased to have “credible partners” showing interest.
Although the development concept is not finalized, Galp wants to “be certain” that the asset is explored “at the right pace” while also maintaining a “significant percentage” of its ownership, despite the fact that a partner is seen as “absolutely critical.”
For Maria João Carioca, a credible partner will have a “strong” operational track record, with the ability to explore the asset, and demonstrate strategic alignment with Galp regarding exploration objectives. The partner will have to have “Namibia at the top of its priorities”, she said.
Regarding the final investment decision, the co-CEO admits that “it’s too early to provide any kind of perspective”, as she hopes to have this discussion and reach conclusions with the future partner.
Until the end of the year, Galp expects to focus on absorbing and analyzing the data it has collected so far regarding exploration potential in Namibia, so it does not anticipate making any new investments.
