Galp Considers Returning to Angola Oil Exploration
Portugal’s energy giant Galp is eyeing a potential return to the oil exploration and production landscape in Angola, just two years after divesting its upstream assets in the country. Company leadership confirmed on Monday that they are actively scanning the market for new opportunities in the region.
Strategic Re-evaluation
During a conference call following the release of Galp’s first-half financial results, co-CEO João Diogo Marques da Silva told Lusa that while no definitive deals are on the table, the door to Angola is wide open. “The hypothesis of us returning to Angola exists,” Marques da Silva stated. “As for whether a concrete decision has been made… the answer is no.”
The move marks a potential shift in strategy for the Lisbon-based company, which sold its high-stakes Angolan exploration and production portfolio in 2024. Despite that exit, Galp never fully left the country, maintaining a significant presence in fuel distribution and marketing.
Leveraging Historical Roots
Galp’s leadership emphasized that their familiarity with the Angolan energy sector gives them a competitive edge. The company maintains a strong working relationship with local authorities and the state-owned oil firm, Sonangol.
“It is a country we know well because we were present there for many years,” Marques da Silva added. “In fact, our exploration began in Angola many years ago; therefore, we feel comfortable with the geography.”
Focusing on the South Atlantic
Co-CEO Maria João Carioca explained that the company is specifically focused on the South Atlantic Basin. This geographical “sweet spot” includes Angola and aligns with Galp’s historical expertise and existing partnerships.
According to Carioca, any potential return must meet strict criteria: the assets must sustain Galp’s current growth levels and production targets while remaining disciplined within the company’s financial framework. This strategic review isn’t limited to Angola; Carioca noted that the company is also looking at growth opportunities in Cape Verde and São Tomé and Príncipe.
“Angola is within that geographical perimeter, and we effectively have a historical relationship and a proximity with the country,” she said, reaffirming that any new investment must align with Galp’s long-term strategic priorities.
Image: Pexels – Jan-Rune Smenes Reite
