Galp Energia says it is confident of securing a strategic partner for its Mopane oil discovery offshore Namibia before the end of the year, after attracting non-binding offers from a shortlist of what it described as “highly credible” contenders.
The Portuguese energy firm, which holds a stake in Petroleum Exploration Licence (PEL) 83 in the Orange Basin, has been in talks with several international oil majors. Market speculation has pointed to TotalEnergies as a potential frontrunner.
“With this in mind, during most of Q2, we shared data with a selected list of potential partners and have now collected non-binding offers all from highly credible players,” said Galp’s Co-Chief Executive, Maria João Carioca. “Focus will now be on analysing the offers at hand and defining a way forward. Progress so far leaves us confident on a partnership completion this year.”
Carioca added that securing a partner aligned with Galp’s development plans for Mopane remains a priority.
“Our objectives remain very clear – to partner with an experienced operator, ensure a partnership based on solid grounds and alignment on progressing with Mopane,” she said.
The Mopane find has raised the profile of PEL 83, which lies in the same geological corridor as TotalEnergies’ high-profile Venus discovery.
In February, Galp announced a hydrocarbon discovery after drilling the Mopane-3X well, located about 18 km from the initial Mopane-1X site. The latest well targeted three prospects — AVO-10, AVO-13, and deeper sands — in water depths of approximately 1,200 metres.
Galp’s growing optimism follows a strong second-quarter performance. The group posted EBITDA of N$17.3 billion (€840 million), up 25% from the previous quarter, despite a 10% decline in Brent crude prices and a weaker dollar. Its upstream segment generated N$8.3 billion (€403 million) in EBITDA, buoyed by stable production levels averaging 113,000 barrels per day, low maintenance downtime, and efficient fleet performance.
The company noted that its upstream portfolio remains resilient, with an operating break-even below N$412 ($20) per barrel.
Beyond oil and gas, Galp also reported solid growth in its commercial, trading, and renewable energy businesses. In Spain, it commissioned 115 megawatts of new solar capacity, raising its total installed renewable energy portfolio to 1.7 gigawatts.
With a stable net debt position of N$28.8 billion (€1.4 billion) and a net debt-to-EBITDA ratio of 0.5, the company has revised its 2025 guidance upwards.
It now forecasts annual production of between 105,000 and 110,000 barrels per day and expects to exceed total EBITDA of N$55.6 billion (€2.7 billion), up from the previously projected N$51.5 billion (€2.5 billion).
The company said the revised outlook reflects “improvements across upstream, midstream, and refining.”
