Portugal’s Galp Energia Raises Profit Targets, Seeks Namibia Development Partner
Portugal’s Galp Energia raised its core profit target for the full year after better-than-expected second-quarter performance and announced expectations to find a partner for developing a promising oil discovery offshore Namibia.
The company raised its target for adjusted earnings before interest, taxes, depreciation and amortisation to more than 2.7 billion euros, up from a previous 2.5 billion euro forecast. The increased forecast reflects contributions from its gas trading business, lifted by liquefied natural gas cargo deliveries from Venture Global’s Calcasieu Pass export facility in Louisiana.
Galp’s second-quarter adjusted EBITDA reached 840 million euros, surpassing the 724 million euro consensus, while adjusted net profit rose 25 percent to 373 million euros. The company expressed confidence in finding a partner to develop the Mopane field off Namibia’s coast, initially estimated to hold at least 10 billion barrels of oil and gas equivalent.
Co-CEO Maria Joao Carioca confirmed the company had received several non-binding offers and will move into bilateral talks, expecting a decision by year-end. Galp is seeking to sell part of its 80 percent stake to an oil company that will operate the field.
Source: namibiaoilandgas.com
