(Ecofin Agency) – In 2021, Angolan justice ordered Galp to transfer the 6% stake owned by Exem (affiliated with Isabel dos Santos) in the company to Luanda. The Angolan judges decided that the money used to purchase this stake was illegally obtained, to the detriment of the Angolan people.
According to the information I collected Bloomberg According to anonymous sources, the Portuguese public hydrocarbon company Galp Energia is in the process of selling part or all of its operating portfolio in Angolan oil and gas. It says the company is currently evaluating its assets in the country, although marketing materials have already been sent out to potential buyers.
Galp has already been involved in a huge project to restructure its activities since the outbreak of the coronavirus pandemic. The company’s chief executive, Andy Brown, said in February that the company’s goal with this program was not to pursue exploration in border areas outside of the few projects under development.
Renewable energies will be one of the main objectives of Galp’s future investments. Furthermore, the company is one of the most committed in Europe to the energy transition process.
Angolan state oil company Sonangol has an indirect stake in Galp through Amorim Energia, which owns 33% of the Portuguese group. Angola is one of the major upstream production regions of Galp, along with Brazil and Mozambique. The company has five approved projects and six exploration licenses there.
Read also:
02/11/2021 – Angola asks Dutch courts to seize Sindika Dokolo’s shares in Exem Energy
25/01/2021 – Angolan company Sonangol will retain its stake in Portuguese oil producer Galp
