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.
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 Rovuma LNG Project is located in the Area 4 block of the offshore Rovuma basin, in the northern Mozambique region of Cabo Delgado.
The project produces, liquefies, and markets natural gas from reservoirs in the Mamba complex.
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Recently, 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.