Saturday, June 15, 2024

INP considers Galp’s move to be routine

The National Petroleum Institute (INP) said on Thursday, May 23, that it considers Galp’s decision to sell its stake in the natural gas research consortium in the Rovuma Basin to be a common event within the sector. Nazário Bangalane, president of INP, said that concession companies are free to negotiate their participation in consortia, either directly or indirectly.

According to information from the Lusa news agency, Bangalane made these statements at a press conference held after the signing of concession contracts between the government and the China National Corporation (CNOC) for oil research and production.

Galp reached an agreement with the United Arab Emirates oil company, ADNOC, to sell its 10% stake in Area 4 for almost 41.1 billion meticais (600 million euros). The Portuguese company informed Portugal’s Securities Market Commission (CMVM) of the sale, which is part of its disciplined investment strategy.

Area 4 includes projects such as Coral South FLNG, in operation since 2022, and the Coral North FLNG and Rovuma LNG developments, expected to be approved in 2024/2025.

The agreement involves the payment of 41.1 billion meticais (600 million euros) for Galp shares and shareholder loans, as well as additional contingent payments based on final investment decisions in specific projects.

Area 4 is operated by Mozambique Rovuma Venture (MRV), a joint venture made up of ExxonMobil, Eni and CNPC (China), which own 70% of the participating interest, while Galp, Kogas (South Korea) and ENH – Empresa Nacional de Hidrocarbonetos (Mozambique) own 10% each.

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