Galp sells assets in Angola to Somoil for U$ 830 M
- Valerie Charoux
- Feb 13, 2023
- 1 min read
Portuguese energy company Galp has signed an agreement to sell assets in Angola for U$ 830 million to Somoil - Sociedade Petrolífera Angolana S.A. The agreement is for U$ 613 million until completion by the end of 2023 and an additional U$ 175 million for contingent payments in 2024 and 2025, according to the price of Brent.
Galp is selling its mature assets and is strengthening the high rating of its upstream portfolio as well as its decarbonization strategy. Galp was advised by Bank of America Securities for this transaction.
