Portuguese Energy Giant Galp Expands African Portfolio with São Tomé and Príncipe Acquisition
Galp has strengthened its presence in West African waters by acquiring a 27.5% stake in São Tomé and Príncipe’s Block 4 through a farm-in agreement with KE STP Company BV, a Shell affiliate. This acquisition represents an important expansion for Galp, solidifying the company’s exploration prospects in the region through a limited financial commitment.
The Portuguese energy company currently maintains interests in three offshore exploration blocks in the Muni River Basin, located in ultra-deep waters off São Tomé and Príncipe, where it has operated since 2015. Galp serves as operator of Block 6, holding a 45% interest alongside Shell (45%) and national oil company ANP-STP (10%).
In 2022, Galp drilled the country’s first offshore exploration well, Jaca-1. Although no commercially viable accumulations were discovered, the well revealed an active petroleum system that provided valuable geological data. The company also maintains a 41.2% operating position in Block 12 in partnership with Equator and ANP-STP, plus a 20% stake in Block 11, operated by Shell.
Galp’s entry into Block 4 demonstrates its long-term commitment to developing the country’s offshore resources despite the early-stage nature of exploration activities in the region.
Source: oilreviewafrica.com
