Portuguese energy firm Galp will focus on growing its upstream business from oilfields in Brazil and Namibia and may list parts of its newly formed downstream business in a couple of years…
Portuguese energy firm Galp will focus on growing its upstream business from oilfields in Brazil and Namibia and may list parts of its newly formed downstream business in a couple of years, its co-chief executive Joao Diogo Marques da Silva told Reuters on Tuesday.
The company said earlier this month it was in talks with private equity-backed Moeve to combine their businesses in two new entities - one focusing on retail and another on refining.
Galp's upstream oil and gas production business, which includes stakes in closely watched, undeveloped oil fields offshore Namibia, would not be included in the merger.
The deal, if successful, would create two new companies and result in the formation of one of Europe's biggest refiners.
The merger announcement led to analyst speculation that Galp might look to sell its upstream business.
Marques da Silva said Galp is focusing on growing the upstream business rather than being an acquisition target as production will grow 10% in 2026 in Brazil alone.
"We have a unique story in upstream. We've built growth, a unique story with a very strong asset base," he said in an interview at the World Economic Forum meeting in Davos. "We are looking for
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