Portugal's Galp is in advanced talks with several oil majors to sell a 40% stake in its promising offshore Mopane field in Namibia and expects to choose a partner by the end
Portugal's Galp is in advanced talks with several oil majors to sell a 40% stake in its promising offshore Mopane field in Namibia and expects to choose a partner by the end of the year, Executive Board Member Nuno Bastos said on Tuesday.
The Mopane field has estimated reserves of at least 10 billion barrels and Galp is seeking to sell half of its 80% stake to a company that would become its operator.
"The interest is huge", Bastos said, adding that Galp wanted "a partner that accelerates the development of Mopane as fast as possible ... to get the first oil".
LOOKING FOR OTHER OPPORTUNITIES AS WELL
"It's critical to understand who is the best partner. There are talks with several major potential partners in Namibia, they are certainly advanced and we expect to have a partner by the end of the year," he told reporters, without naming any of the companies involved.
The first oil from Mopane is not expected before 2031 or 2032, he said, and in the meantime Galp is also looking for new opportunities, particularly in Brazil, and Sao Tome and Principe.
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