Portuguese energy giant preparing to sink first of four new oil wells
Months before the world starts talking about COP29, and the need to withdraw from the use of fossil fuels, Portuguese energy giant GALP has announced it is preparing to drill into the first of at least four new oil wells in Namibia, and is in preliminary discussions with potential partners.
This is the ‘significant find’ the company trailed in April this year: two undersea wells with enough oil and gas for the next 143 years…
Today, GALP CEO Filipe Silva said the company is set on preparing the first of “our four new wells for the fourth quarter of this year”.
Other than acknowledging that the company is having “preliminary discussions with potential partners (…) at this stage, there isn’t much” else that GALP can say on the subject.
GALP’s profit rose by 23% year-on-year in the first half of this year to €624 million, the company also announced today.
As for guidance on Capex (investment) for the coming years, this will be known in the coming months, said Silva.
Specialist online Upstream has been the only media source so far to admit that GALP’s discovery in Namibia has ‘forced’ the company to ‘reassess its decarbonisation targets’
Source material: LUSA
