Latest news with #Galp
TimesLIVE
2 days ago
- Business
- TimesLIVE
Galp Energia raises forecasts, expects to find partner for Namibia
Portugal's Galp Energia on Monday raised its core profit target for the full year after a better-than-expected performance in the second quarter and said it expects to find a partner to develop a promising oil discovery offshore Namibia. Its shares were up 2.5% on Monday. Galp raised its target for adjusted earnings before interest, taxes, depreciation and amortisation this year to more than €2.7bn (R55.65bn), up from a previous €2.5bn (R51.53bn) forecast. The raised forecast reflects the contribution of its gas trading business, lifted by deliveries of liquefied natural gas cargoes from Venture Global's Calcasieu Pass export facility in Louisiana. Galp is due to receive 1-million metric tons of LNG a year from the plant in a take-or-pay deal with Venture agreed in 2018. In the second quarter, Galp's adjusted EBITDA was €840m, surpassing the €724m (R14.92bn) consensus provided by the company, while its second-quarter adjusted net profit rose 25% to €373m (R7.69bn).
Wall Street Journal
5 days ago
- Business
- Wall Street Journal
Galp Gets Offers for Mopane Discovery in Namibia
Galp GALP 3.15%increase; green up pointing triangle Energia said it had received nonbinding offers from oil companies to partner at its Mopane discovery in Namibia, a project that analysts have said could lift the Portuguese company's share price. The oil-and-gas producer said Monday that it was currently analyzing the offers and is confident that it will complete a partnership deal this year, according to a presentation transcript.
Reuters
29-05-2025
- Business
- Reuters
Portugal's Galp eyes 40% oil output rise in Brazil with new field
LISBON, May 29 (Reuters) - Portugal's Galp ( opens new tab expects to boost its oil and gas production in Brazil by around 40% over the next few years, when the promising offshore field Bacalhau reaches peak output, executive board member Nuno Bastos told reporters. Galp produces 110,000 barrels of oil equivalent per day (boepd) in Brazil through a 70%-30% joint venture with China's Sinopec ( opens new tab, , which has stakes in several projects. The JV owns 20% of the Bacalhau field in the Santos Basin, where a floating production, storage and offloading (FPSO) vessel, with a daily capacity of 220,000 barrels, arrived in February. Norwegian energy company Equinor ( opens new tab, which holds a 40% stake and the operatorship of Bacalhau, expects the FPSO to start producing the first barrels in the third quarter. "Once the FPSO reaches plateau over the next few years, Galp's production in Brazil will increase by around 40%," Bastos, who heads the upstream business, told reporters on the sidelines of an energy conference late on Wednesday. It took 11 months for another FPSO in the Tupi-Iracema field, in the same basin, to get from the first oil to its maximum steady production capacity of 150,000 boepd, and in Bacalhau it should take longer as in this case the plateau is 220,000 boepd. "We are working to make it as fast and efficient as possible," he said, without committing to an exact date. Equinor estimated that the field holds more than 1 billion barrels in recoverable reserves for its first development phase. U.S. oil major ExxonMobil (XOM.N), opens new tab holds the remaining 40% of Bacalhau.
Zawya
07-05-2025
- Business
- Zawya
Invest in African Energy (IAE) 2025: Namibia's Petroleum Commissioner to Highlight Energy Investment Potential
Namibia's Ministry of Mines and Energy Petroleum Commissioner, Maggy Shino, will speak at the Invest in African Energy (IAE) 2025 forum in Paris, offering insights into the country's rapidly evolving hydrocarbon sector and the broader opportunities it presents for upstream investment and partnerships. Namibia has solidified its status as a premier frontier market, with a string of high-impact discoveries in the Orange Basin driving global investor interest. Galp's Mopane series of light oil finds – estimated to hold at least 10 billion barrels – alongside TotalEnergies' Venus and Shell's Graff discoveries, have positioned the basin among the most prospective in the world. Rhino Resources announced a discovery with its Capricornus-1X well in April 2025, following confirmation of a hydrocarbon reservoir with the Sagittarius-1X well in February. First oil from the Venus field – estimated to hold over five billion barrels of in-place resources – is targeted by 2030, with efforts underway to accelerate the development timeline. IAE 2025 ( is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 14-15, 2025 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit To sponsor or participate as a delegate, please contact sales@ Beyond the Orange Basin, Commissioner Shino will spotlight exploration activity in other emerging basins, including Chevron's acquisition of an 80% operating stake in Blocks 2112B and 2212A in the Walvis Basin, underpinned by extensive seismic coverage. In the onshore Kavango Basin, ReconAfrica is advancing its 2024 drilling campaign targeting an estimated 3.4 billion barrels of recoverable oil in the Damara Fold Belt, with preparations currently underway to spud a second exploration well. Namibia's recently implemented open-door licensing system further enhances the investment climate, offering streamlined access to upstream opportunities and flexible entry points for new and existing players. 'Namibia continues to command international attention as a frontier leader in upstream development. Commissioner Shino's insights into new licensing, acreage availability and basin activity at IAE 2025 offer investors a rare opportunity to engage directly with the driving force behind Namibia's energy boom,' says Sandra Jeque, Event&Project Director, Energy Capital&Power. Distributed by APO Group on behalf of Energy Capital&Power.
Reuters
29-04-2025
- Business
- Reuters
Portugal's Galp restarting Sines oil refinery over coming days
LONDON, April 29 (Reuters) - Portugal's Galp ( opens new tab will be gradually restarting units at its Sines oil refinery over the coming days after the major Iberian power outage on Monday forced it to suspend operations, a spokesperson for the company said. In addition to Galp's plant, oil refineries across Spain operated by Repsol ( opens new tab, Moeve, and Petronor ( opens new tab also announced they were beginning to restart operations on Tuesday after Monday's blackout brought both countries to a standstill. Power was restored to the Iberian peninsula by Tuesday, after the worst blackout in the countries' history, the cause of which remains unclear. Portugal's government said on Tuesday that power supplies had been normalised for all 6.4 million electricity clients. Sines, which has a crude processing capacity of 225,000 barrels per day, is Galp's only operating oil refinery. It ceased crude oil processing at its smaller refinery at Matosinhos near Porto in 2021.
