Galp farms-down 40% in Namibia PEL 82 to ExxonMobil
Published by Laura Dean,
Deputy Editor
Oilfield Technology,
Galp informs that it is in the process of farming-down a 40% participating interest in the Petroleum Exploration Licence (PEL) 82 in Namibia to an ExxonMobil subsidiary.
Following the conclusion of the transaction, both Galp and ExxonMobil will hold a 40% interest in the license, and Galp will maintain the operatorship. The National Petroleum Corporation of Namibia (NAMCOR) and Custos, a local Namibian company, each hold a 10% stake in the license.
The licence is located in the Walvis basin and covers an area of 11 444 km2 in water depths ranging from 300 m to 2000 m.
The transaction conclusion is subject to satisfaction of customary conditions precedent, including the approval of the relevant competent Namibian authorities.
Read the article online at: https://www.oilfieldtechnology.com/special-reports/02022018/galp-farms-down-40-in-namibia-pel-82-to-exxonmobil/
You might also like
Innovex completes divestment of subsea tree product line
Innovex will retain intellectual property rights for the recently installed subsea tree orientation systems (VXTe) with the intent of licensing this technology to subsea tree manufacturers.