SOMOIL to acquire GALP upstream assets in Angola

Feb. 13, 2023
Sociedade Petrolífera Angolana SA (SOMOIL) has agreed to acquire Galp Energia SGPS SA’s upstream assets in Angola.

Sociedade Petrolífera Angolana SA (SOMOIL) has agreed to acquire Galp Energia SGPS SA’s upstream assets in Angola.

Assets and stakes include Block 14 (9% Galp), Block 14K (4.5% Galp), and Block 32 (5% Galp). All assets are offshore. Block 14 and 14K have two compliant piled tower platforms and Block 32 has two floating production storage and offloading vessels. All are in production phase.

Proceeds are expected to reach about $830 million, net of capital gain taxes, including about $655 million to be received until completion and $175 million in contingent payments due in 2024 and 2025 dependent on Brent price.

The transaction is subject to customary terms and conditions, with completion expected during second-half 2023.