Lisbon, July 27, 2026 (Lusa) - Portuguese energy company, Galp has indicated it may resume oil exploration and production activities in Angola and is currently assessing opportunities in the country, but has not yet taken any concrete decision, the company's co-chief executive officers told Lusa on Monday.
«The possibility of us returning to Angola does exist. However, there is no specific decision that we have taken that we can share at this stage,» said co-CEO João Diogo Marques da Silva in a telephone conversation with Lusa, as part of the presentation of the first-half results.
The Portuguese oil company sold its exploration and production assets in Angola in 2024, although it continues to operate in the fuel distribution and retail sector in the country.
João Diogo Marques da Silva confirmed that the company is assessing the opportunities available, emphasising that Galp knows the Angolan market well and maintains a good relationship with the local authorities and the state-owned oil company Sonangol.
«It is indeed a country we know well, as we have been present there for several years. In fact, our exploration activities began in Angola many years ago, so we feel comfortable with the geography,» he added.
Co-CEO Maria João Carioca explained that Galp regularly assesses assets that could enable the company to maintain its current levels of growth and oil and gas production.
The company is particularly focused on the South Atlantic Basin, a geographical area that includes Angola and where Galp already has experience and long-standing relationships.
«Angola falls within this geographical area and we do indeed have a long-standing relationship, a partnership and close ties with Angola,» she said.
According to the CEO, any potential investment will have to be compatible with Galp's financial situation and fit within the company's strategic priorities.
She explained that the analysis is not limited to Angola, but also covers other regions where Galp already operates, namely Cabo Verde and São Tomé and Príncipe.
She emphasised that the company maintains a diversified portfolio of countries, with exploration and production activities in some markets and refining, distribution and marketing in others, which it assesses in line with business priorities.
«There are a number of countries in which we operate, some in the ‘upstream' sector (oil and gas exploration and production), and some in the ‘downstream' sector (refining, distribution and marketing). We therefore have a diversified portfolio that we are constantly building upon,» she said.
The Chair of Sonangol, Sebastião Gaspar Martins, had recently indicated, at the Doing Business Angola conference organised by Jornal Económico/Forbes, that Galp intended to resume oil exploration activities in the country.
Sonangol is also an indirect shareholder in Galp, through Esperaza Holding, which holds a 45% stake in Amorim Energia, the main shareholder in the Portuguese oil company, with 37.51% of the voting rights.
Galp announced today a 44% increase in profit to €812 million in the first half of the year, compared with the same period last year, driven by higher oil production in Brazil and the rise in the average price of Brent crude.
The oil company will also propose a 10% increase in the dividend for 2026, to €0.70 per share, and has revised its EBITDA and operating cash flow forecasts for this year upwards, to €4 billion and €3 billion, respectively.
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