Galp Energia raised its full-year core profit forecast after delivering stronger-than-expected second-quarter results and announced plans to secure a partner for its offshore Namibia oil discovery.
The company now expects adjusted EBITDA to exceed €2.7 billion in 2024, an increase from the previous €2.5 billion estimate.
This revised guidance reflects strong performance in its gas trading segment, driven by LNG cargo deliveries from Venture Global’s Calcasieu Pass facility in Louisiana.
Galp is set to receive 1 million metric tons of LNG annually under a long-term take-or-pay agreement signed with Venture in 2018.
In Q2, Galp reported €840 million in adjusted EBITDA, outperforming analysts’ expectations of €724 million.
Adjusted net profit for the quarter jumped 25% to €373 million, supported by lower taxes and rising oil output, which offset declining crude prices and tighter refining margins.
While Brazil remains its core upstream asset base, Galp is optimistic about developing the Mopane discovery in Namibia, estimated to hold over 10 billion barrels of oil and gas equivalent.
The company is in discussions to divest part of its 80% stake to a capable operator willing to lead the field’s development.
Co-CEO Maria Joao Carioca confirmed receiving multiple non-binding offers and said Galp will begin bilateral talks to assess potential partners and their development plans.
She expressed confidence in finalizing a strong partnership by year-end, emphasizing that several credible players are actively engaging.
source:www.reuters.com
African Energy Council