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Angolan government formalizes Galp's exit from blocks 14 and 32
The Angolan Government has authorized the total transfer of Galp Energia shares in blocks 14 and 32 to the Angolan oil company Somoil, formally concluding the sale operation of the Portuguese oil company's shares.
© Reuters
Economia Galp
The sale of Galp's stake in Somoil, for a value of 830 million dollars (771 million euros at current exchange rates) was reported to the Securities Market Commission in February 2023.
The contract included a sum of 655 million dollars (618 million euros) to be received at the conclusion of the deal and 175 million dollars (162 million euros) between 2024 and 2025, but dependent on the price of oil.
The package of assets sold to this Angolan private equity firm includes Galp's 9% stake in Block 14 (with several fields in production), as well as its 4.5% stake in Block 14-K, its 5% stake in Block 32, and a project under development.
The Ministry of Mineral Resources, Oil and Gas of Angola, in executive decrees of May 9 to which Lusa had access today, authorize the transfer of all shares of Galp Energia Overseas Block 14 B.V in favor of Somoil Block 14 II B.V, an affiliate of Etu Energias, S.A, as well as the total transfer of shares of Galp Overseas Block 32 B.V in favor of Somoil Block 32 B.V.
Read Also: PSI advances 0.06% with Galp leading the gains (Portuguese version)
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