Portugal’s Galp Energia is planning to divest its 10% stake in the natural gas project in Mozambique’s Rovuma basin, Reuters reported, citing a report published by Negocios newspaper.
As a part of this plan, the Portuguese energy firm has hired the Bank of America to conduct the stake sale in the gas project, reported Negocios, citing an unidentified source linked to the sector.
Go deeper with GlobalData
Other partners in the Rovuma LNG Project include Mozambique Rovuma Venture, holding operatorship stake of 70%; Mozambique’s National Hydrocarbons Company ENH, who owns a 10% interest; and Korea’s Kogas holds the remaining 10% stake.
The Mozambique Rovuma Venture comprises ExxonMobil (35.7%), Eni (35.7%), and China National Petroleum Corporation (CNPC) (28.6%).
The Rovuma LNG Project is located in the Area 4 block of the offshore Rovuma basin, in the northern Mozambique region of Cabo Delgado.
See Also:
The project produces, liquefies, and markets natural gas from reservoirs in the Mamba complex.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataRecently, Galp Energia signed a $830m deal to sell its oil exploration and production operation in Angola to local company Somoil, due to declining production from the mature fields.
The sale forms part of Galp’s plan to shift its focus towards its main upstream business in Brazil, where it also operates renewable plants.
Galp agreed to sell a 9% stake in block 14, a 4.5% stake in block 14-K, a 5% stake in block 32, and the CNE development project.
