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Galp has reached an agreement with Petrobras to sell its stake in the P-71 floating platform, which is under construction in Brazil, for $ 100 million, the Portuguese oil company said Tuesday in a statement sent to CMVM.
Galp says that together with Petrobras and Shell, with which it has a partnership in the BM-S-11 consortium, they have agreed to sell the shares held on the P-71 floating platform to Petrobras.
The operation is part of the “framework for future developments in the giant fields of Tupi and Iracema, located in the pre-salt Santos basin”. In this framework, “an updated development plan for the fields will be prepared with the aim of identifying further development projects resilient to low oil prices”. In this sense, Galp indicates that approximately 30% of the $ 100 million will be received by the end of the year and the rest will be paid in installments throughout 2021.
The company led by Carlos Gomes da Silva notes that “in addition to preserving short-term liquidity, resulting from the sale of FPSO [plataforma], the agreements represent a clear step in Galp’s long-term ambition to increase the recovery factor of Tupi and Iracema, supporting the development of value creation options and further increasing the efficiency and long-term resilience of these projects “.
Galp, through Petrogal Brasil, holds a 9.209% stake in the Tupi fields and 10% in the Iracema fields. Petrobras owns 65% and Shell 25%.
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