Galp Energia says it will not be able to bring its mega 10-billion-barrel Mopane well into development, and sees share dilution as the preferred manner to develop other projects it.
Energy technology company Baker Hughes will construct a new liquid mud plant, and a separate assembly, maintenance and repair base at Namibia s Walvis Bay to cater to booming offshore exploration.
Filipe Silva, CEO of Galp, said, “We have encountered significant light oil columns in high quality reservoir conditions, placing Mopane as a potential major commercial discovery. This should support the growth profile of Galp for the next decades to come, as we gradually lower the carbon intensity of our downstream businesses”
Portuguese energy group Galp
Energia reported a bigger-than-expected 35% rise in
first-quarter profit on Tuesday and said it expects its major
oil discovery off the coast of Namibia to support growth.
Portugal s Galp Energia will need a
partner to develop a prolific oil find in Namibia as it is
beoynd its financial means to keep an 80% stake in the
exploration block that includes the Mopane field,.