30 Oct 2024
Portuguese oil giant Galp ramps up Mopane discovery development, explores new partnerships in Namibia, and surpasses quarterly income forecasts
Galp's chief executive Filipe Silva affirmed the Portuguese oil company's commitment to its offshore Namibia operations, saying the latest appraisal well "will be a keeper." The company is accelerating development of its substantial Mopane discovery and has initiated talks with potential partners, though a partnership agreement is not expected before the end of 2024.
In its third-quarter financial results released Monday, Galp reported a 27% year-over-year increase in net income, reaching €266 million ($287 million). This performance surpassed analyst forecasts for the quarter.
"We are drilling our third well as we speak. This will be a keeper," Silva told analysts during a call on Monday, underscoring the company’s confidence in the ongoing exploration efforts in Namibia.