Finance
Portugal's Galp seeks Namibia oil and gas partner
Published by Global Banking and Finance Review
Posted on April 28, 2025
Global Banking and Finance Review
Company
Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
Published by Global Banking and Finance Review
Posted on April 28, 2025
By Sergio Goncalves
LISBON (Reuters) -Portugal's Galp Energia has resumed talks with potential partners as it seeks to develop a discovery in Namibia, the company said on Monday after reporting a 29% drop in adjusted first-quarter core profit.
In February, Galp said it had found a significant presence of light oil and gas condensate in a fifth well in the Mopane field offshore Namibia.
Co-CEO Maria Joao Carioca said the well "unlocked a new exciting area within Mopane" and Galp will advance on feasibility studies "in the coming months".
At the same time, it is seeking to sell part of its 80% stake in Mopane's Petroleum Exploration Licence 83 to a player who would become its operator.
"A partnership is our natural and preferred next step. We are re-engaging with interested parties we have had conversations with before and data is now being shared with them," Carioca told a conference call with analysts.
Also on Monday, Galp reported first-quarter adjusted earnings before interest, taxes, depreciation and amortisation fell to 669 million euros ($761 million), hit by falling oil output and lower refining margins, but slightly above an average of 666 million euros expected by 17 analysts.
Refining margins fell to $5.60 a barrel in the quarter from $12 a year ago, but Galp said the company had showed "operational resilience under an increasingly volatile market environment".
Shares fell 3% in afternoon trading.
Overall, quarterly adjusted net profit decreased by 41% from the prior-year period to 192 million euros, but was above the 185 million euros forecast by analysts, as the company benefited from lower taxes, it said.
Core profit at the upstream unit, which comprises stakes in deepwater fields off Brazil's coast, fell 32% year-on year in the first quarter to 385 million euros.
Galp kept its full-year production guidance unchanged at more than 105,000 bpd, saying stoppage days during the first quarter already represented more than 40% of the full-year maintenance plan.
The company said its working interest oil and gas production in the first quarter dropped by 3% to 104,000 barrels per day.
The price of Brent crude fell to an average of $75.7 per barrel from $83.2 a year earlier.
($1 = 0.8794 euros)
(Reporting by Sergio Goncalves; Editing by David Latona, Rachna Uppal and Barbara Lewis)