Following a difficult first quarter earnings, Portugal-based Galp Energia is on the lookout for potential partners to develop a discovery in Namibia
In February, the company confirmed a significant presence of light oil and gas condensate in a fifth well in the Mopane field offshore Namibia. The discovery came as a major anticipation for the company, which has since wanted to take up feasibility studies within the Mopane region.
Meanwhile, the company is also planning to sell operatorship stake in Mopane's Petroleum Exploration Licence 83 by as much as 80%.
Volatile market
"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," said Galp's co-chief executive officer, Maria Joao Carioca.
Incidentally, Galp has faced a 29% drop in adjusted first-quarter core profit. The company's first-quarter adjusted earnings before interest, taxes, depreciation and amortisation took a hit of dipping oil output and lower refining margins, with revenue falling to US$761mn. With refining margins recorded at US$5.60 a barrel in the quarter from the previous year's US$12, and a 41% decline in quarterly adjusted net profit, Galp has attributed the low results to an "increasingly volatile market environment".
Galp seeks partner for Mopane development
Galp is planning to sell operatorship stake in Mopane's PEL 83. (Image source; Adobe Stock)
