Galp Looks To Sell Its Stake In Cabo Delgado Gas Project
By Jorge Joaquim
Portuguese energy company Galp intends to sell its 10% stake in the Coral South gas project in Cabo Delgado province, Negócios reported.
Galp has notified its intention to the Bank of America, the same institution that is overseeing the disposal of Galp’s stakes in an offshore project in Angola, which the company announced this week.
Galp’s exits from Angola and Mozambique are part of the company’s strategy to move away from exploration and production in Africa, Negócios reports, adding that “exits from Sao Tomé & Príncipe and Namibia are also on the horizon,” without giving details.
Galp has been present in Mozambique in the Upstream business since 2007.
The entry into the country was marked by the signing of the farm-in contract with Eni and the Empresa Nacional de Hidrocarbonetos (ENH) for the exploration of Area 4, located in waters ranging from shallow to ultra-deep waters of the Rovuma basin.
The considerable gas volumes initially in place (GIIP) identified in Area 4 of the Rovuma basin place it as one of the world’s most relevant regions for the future of natural gas production.