Woke Woodside is gun shy. Obviously Galp, resepctively the billionair family Amorim are not shy to risk some $$ in Namibia OffshoreGalp says it spent N$7.2 billion (€312 million) in Namibia during the fourth quarter of 2024, almost double what the company spent in the first nine months of 2024.
The company holds an 80% stake in the upstream PEl 83, covering an area of almost 10,000 square kilometres in the Orange Basin, located in the southern part of Namibian waters.
According to the February 17, 2025 report, Galp invested €500 million in upstream projects in Namibia, Bacalhau, and industrial low-carbon projects execution.
The report also says Galp spent €1,291 million on exploration and appraisal campaigns in Namibia, upstream projects under development in Brazil, and industrial low-carbon projects and renewables projects deployment.
Galp earned €61 million from the reclassification to capital expenditure of the 20% carried interests on PEL 83.
The company says its RCA EBITDA was €437 million, down year-on-year, following lower production and lower realisations, as well as including higher SEM (Successful Effort Method) costs related to exploration activities in Brazil and Namibia.
https://theextractormagazine.com/2025/02/18/galp-spends-n7-2-billion-in-namibia-during-4q-of-2024/
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