Galp to divest its 10% stake in Area 4 Mozambique

Source: www.gulfoilandgas.com 5/22/2024, Location: Africa

Galp has signed an agreement with ADNOC for the sale of its upstream assets in Mozambique.

Area 4 includes Coral South FLNG, in operation since 2022, as well as the prospective Coral North FLNG and Rovuma LNG onshore developments, both expected to be sanctioned during 2024/25.

The transaction supports Galp’s disciplined capex strategy.

Upon completion, Galp will receive c.$650 m for its shares and shareholder loans, already net of capital gain taxes. As of the transaction reference date (December 31, 2023), lease liabilities were $525 m.

Additional contingent payments of $100 m and $400 m will be payable with the final investment decision of Coral North and Rovuma LNG, respectively.

The transaction is subject to customary third-party approvals, with completion expected during 2024.

Galp to divest its 10% stake in Area 4 Mozambique


Australia >>  6/17/2024 - Key points:
• Comet Ridge’s material position in the Mahalo Gas Hub has increased with a new block award (see Figure 1 below).
• Comet Ridg...

Australia >>  6/17/2024 - Buru Energy Limited is pleased to announce that it has entered into a Farm-in Agreement (FIA) with Sabre Energy Pty Ltd (Sabre) for the Ungani Oilfi...

Japan >>  6/17/2024 - Japan Petroleum Exploration Co., Ltd. (JAPEX) announces that it has concluded the share purchase agreement to acquire all shares (50.1%) of Longboat J...
Malaysia >>  6/17/2024 - Longboat Energy, an emerging E&P company, announces the strategic pivot of the business to focus on Southeast Asia following the sale of its 50.1% hol...

Norway >>  6/17/2024 - Longboat Energy, an emerging full-cycle E&P company, announces it has reached agreement to sell its 50.1% holding in Longboat Japex Norge AS ("LJN") t...
United States >>  6/17/2024 - ONEOK, Inc. has completed its acquisition of a system of natural gas liquids (NGL) pipelines from Easton Energy for approximately $280 million. ...