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The national oil company provided new updates today on its projects in Namibia.
Galp is preparing new drills in Namibia and is negotiating for a partner for its operations in the southern African country.
CEO Filipe Silva announced today that the company is set to carry out “four new wells in the fourth quarter” of this year.
“We are in preliminary discussions with potential partners,” he added during a call with analysts on Monday.
The manager stated that he could not reveal much more at this time.
Galp’s profits rose 23% in the first half of this year to 624 million euros compared to the same period last year, the company announced today.
The company also announced that it would propose to shareholders an increase in the dividend per share of 4%: 56 cents per share, related to the 2024 results, with an interim dividend payment of 28 cents in August.
EBITDA remained in line with that recorded a year ago: 1.788 billion euros, with cash flow up 13% to reach 1.205 billion euros, “reflecting robust operational performance during the period and excluding any contribution from the Coral Sul project in Area 4 in Mozambique.”
By segment, upstream recorded an increase of 3% to 1.1 billion euros; commercial rose 2% to 142 million; industrial & midstream increased 1% to 530 million; and renewables fell 79% to 14 million.
By segments, upstream was supported by “resilient production levels and the competitive cost of the Brazilian portfolio”; in industrial & midstream, the result was supported by higher utilization of the refining system and continued strong midstream contribution, particularly from oil and gas; in commercial, the result was sustained by the “resilient contribution of Iberian activities and the recovery of the African contribution”; in renewables, the result was penalized by the “high pressure placed on electricity prices in Iberia,” with the company having put an additional 100 MW into operation for a total of 1.5 gigawatts in Iberia.
Net Capex fell 81% to 61 million, with organic Capex directed to “upstream development projects in Brazil, namely Bacalhau and the initial campaign in Namibia.”
Meanwhile, net debt fell 17% compared to the end of 2023, considering dividends to non-controlling interests, dividends paid to shareholders, and share buybacks.
“Galp completed the sale of Angolan assets and announced the divestment of Area 4 in Mozambique. These actions allow us to crystallize value, reduce risk, and focus on high-return projects aligned with Galp’s strategy: continuing to de-risk and grow upstream with low-cost, low-carbon projects while transforming our integrated positions in downstream and midstream,” said CEO Filipe Silva in a statement.
The company highlighted that investments reached 241 million euros, mainly directed to the Bacalhau project in Brazil, and low-carbon projects in Sines, with the construction of the advanced biofuels unit.
