Galp Acquires Block 6 at Sao Tome & Principe

Source: www.gulfoilandgas.com 10/27/2015, Location: Africa

Galp Energia, SGPS, S.A informs that an agreement has been reached between the Government of Sao Tome and Principe, Galp Energia and Kosmos Energy for the award of Block 6 offshore Sao Tomé and Principe. Galp Energia will be the operator of the block with 45% interest, together with Kosmos Energy, with a 45% interest, and the National Petroleum Agency (ANP) on behalf of the Government, with a 10% interest.

Block 6 is located in Sao Tome and Principe Exclusive Economic Zone (EEZ) in water depths of up to 2,500 metres (m) and covers an area of 5,024 square kilometres.

Galp Energia and its partners have committed to perform several exploration activities, including seismic acquisition, during the first exploration period of four years.

This acquisition allows Galp Energia to access a frontier area as operator in a new geography, while maintaining a solid financial position.

The Company remains focused in executing its world-class development projects, most notably in Brazil and in Mozambique, while maintaining a diversified exploration and appraisal portfolio that ensures a sustainable level of production in the 2020’s decade.

For more information about related Opportunities and Key Players visit West Africa Projects


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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