Lisbon, July 21, 2025 (Lusa) - Galp said on Monday it was “happy” to have received “several” non-binding offers from “credible” potential partners for the oil exploration project in Namibia, with whom it will begin talks.

‘We are happy that credible players are getting involved with us,’ said Galp’s co-CEO Maria João Carioca in a call with analysts, adding that analysts received the offers in late June and early July.

According to her, Galp will now “initiate bilateral talks to analyse the proposals,” with the end of this year as the target date for closing a partnership agreement.

Maria João Carioca explained that forming a partnership with an experienced operator is a “critical detail” of this process and, therefore, “they proceed with patience.”

Galp is part of a consortium with Namcor and Custos, in which it holds an 80% stake, for oil exploration in Namibia.

In October, Galp’s then-CEO, Filipe Silva, stated at a conference with analysts that the oil company should maintain its current 80% stake in the Namibian oil exploration project until the end of 2025, when the company is expected to complete the work.

Galp today reported a profit of €565 million through June, 9% lower than the same period last year, reflecting the concentration of maintenance shutdowns in the first quarter.

The oil company revised its oil and natural gas production estimate for the year upwards to between 105,000 and 110,000 barrels per day, and its EBITDA (earnings before interest, taxes, depreciation and amortisation) to €2.7 billion, following improvements in the second quarter.

MPE/ADB // ADB.

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