Galp's Namibian Venture: A groundbreaking discovery of global significance
The fuel conglomerate Galp has discovered off the shores of Namibia, in the south of Africa, an oil field considered one of the largest in the world. According to preliminary estimates by the Portuguese company, the deposit's resources amount to at least 10 billion barrels of crude oil.
27 April 2024 09:11
As the Lisbon TV station CM TV reported, the discovered deposit ranks as the eighth largest globally. It was highlighted that since 2000, the Portuguese conglomerate has identified four oil fields among the world's 20 largest.
"A very important discovery"
Galp confirmed the discovery of the offshore deposit in a press release, stating that "this is a very important discovery in commercial terms." It also announced its plans to sell 40 per cent of the shares in the block where the new deposits were found.
Portuguese media reported that after announcing the discovery of the Namibian coast, Galp's share value on the Lisbon stock exchange increased by over £2.2 billion.
Besides exploring and extracting crude oil and natural gas, Galp is also involved in fuel storage and sales. The Portuguese conglomerate operates over 700 gas stations.
The main shareholder of Galp is the Portuguese company Amorim Energia, which holds 35.8 per cent of its shares. The state-owned Parpublica owns 8 per cent. Smaller investors hold the remaining 56.3 per cent of Galp's shares.
