The Angolan government has authorized the full transfer of Galp Energia’s shares in blocks 14 and 32 to Angolan oil company Somoil, formally completing the sale of shares to the Portuguese oil company.
The sale of Galp’s stake to Somoil for $830 million (€771 million at current exchange rates) was reported to the Securities Market Commission in February 2023.
The contract included an amount of $655 million (618 million euros) to be received at the conclusion of the deal, and $175 million (162 million euros) between 2024 and 2025, but depending on the price of oil.
The package of assets sold to this Angolan private equity firm includes a 9% stake in Galp in Block 14 (with several development fields), as well as a 4.5% stake in Block 14-K, 5% in Block 32, and is still a project development.
The Angolan Ministry of Mineral Resources, Oil and Gas, in executive decrees dated May 9, which Lusa had access to today, authorized the transfer of all shares of Galp Energia Overseas Block 14 BV to Somoil Block 14 II BV, a subsidiary of Etu. Energias, SA, as well as the full transfer of shares of Galp Overseas Block 32 BV in favor of Somoil Block 32 BV.
Author: Lusa
Source: CM Jornal
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