Portuguese energy major Galp Energia says it is on course to secure a new strategic partner for its Mopane oil discovery offshore Namibia before the end of 2025, following months of bilateral negotiations with shortlisted bidders.
Co-CEO João Marques da Silva said discussions are progressing positively, with strong alignment on the next phase of development.
“We collected non-binding offers before summer, all from highly credible players, and we are now well advanced in bilateral negotiations with a shortlist of preferred bidders,” he said.
He added that the talks have been “supportive of a value-accretive partnership, with strong alignment on advancing Mopane,” and that the company remains confident of reaching an agreement by year-end.
Galp has so far invested about €112 million (approximately N$2.3 billion) in Namibia during the first nine months of 2025, mainly directed towards exploration and appraisal work in Petroleum Exploration Licence (PEL) 83 in the Orange Basin.
The investment forms part of a total €716 million (around N$14.7 billion) capital expenditure across all operations during the period.
This comes as the company confirmed a 700 million barrels of oil equivalent (boe) increase in its 3C contingent resources in Namibia, a 25% rise year-on-year, bringing total estimated resources to 2.79 billion boe.
The update, verified by consultancy DeGolyer and MacNaughton, follows successful drilling at the Mopane-1X, Mopane-2X, and Mopane-1A wells.
“Our performance year-to-date reinforces our confidence in deliverability and resilience. Galp is well positioned to surpass its current 2025 guidance for both EBITDA and operating cash flow,” said da Silva.
The company said the Mopane project remains central to its long-term growth strategy, alongside developments in Brazil and low-carbon investments in Europe.
“All in all, we remain confident in our initial planning towards reaching an agreement before the end of the year and setting a partnership that will allow us to accelerate and prioritise the asset,” da Silva said.
