Report: Galp Planning to Sell 10% Stake in Mozambique Gas Project
(Reuters) — Portugal's Galp Energia has mandated Bank of America to prepare a sale of its 10% stake in a multibillion-dollar natural gas project in Mozambique's Rovuma basin, the Negocios newspaper said on Thursday, citing an unidentified source linked to the energy sector.
There would be no lack of interest in Galp's stake as the war in Ukraine had increased the appetite for gas from international companies, the report said.
Galp declined to comment.
The energy company holds a 10% stake in a consortium exploring for natural gas in Rovuma's Area 4, in the northern Mozambique region of Cabo Delgado, which has been the target of attacks by militants.
The main shareholder with a 70% stake is Mozambique Rovuma Venture, comprising Exxon Mobil Corp., Italy's ENI and China National Petroleum Corp. (CNPC). Korea's Kogas and Mozambique's National Hydrocarbons Company ENH have 10% each.
Galp announced a deal on Monday to sell its upstream business in Angola to SOMOIL for about $830 million. Its Angolan output comes from mature fields with declining production while its main upstream business is in Brazil.
Galp shares were up 1% at 11.815 euros ($12.61) on Euronext Lisbon in afternoon trading.
($1 = 0.9373 euros)
Related News
Related News
- Trump Puts Keystone XL Pipeline Back in Discussion, Though Revival Faces Developer Resistance
- Army Corps Lists Enbridge’s Line 5 as ‘Emergency’ Project Eligible to Bypass Environmental Review
- Missouri Loses Control Over 1.5 Million-Mile Gas Pipeline Network as Feds Step In
- Energy Transfer Wins New York Court Ruling in $150 Million Pipeline Fraud Case
- $3 Billion Natural Gas Pipeline Expansion to Add 1.3 Bcf Capacity in Southeast Region
- Kinder Morgan Approves $1.4 Billion Mississippi Crossing Project to Boost Southeast Gas Supply
- Army Corps Lists Enbridge’s Line 5 as ‘Emergency’ Project Eligible to Bypass Environmental Review
- India’s GAIL Eyes U.S. LNG Deals Following Trump’s Policy Shift
- TC Energy Beats Q4 Profit Estimates, Driven by Mexico Pipelines' Success
- Michigan Court Backs Permits for Enbridge’s Line 5 Pipeline Tunnel Project
Comments