Portuguese oil company Galp is in the process of farming-down a 40% participating interest in the Petroleum Exploration License (PEL) 82 in Namibia to an ExxonMobil subsidiary.
The company on Wednesday said that after 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 license is located in the Walvis basin and covers an area of 11,444 km2 in water depths ranging from 300 m to 2,000 m.
The transaction conclusion is subject to satisfaction of customary conditions precedent, including the approval of the relevant competent Namibian authorities.
Galp did not provide further details on the transaction.
In 2016, Galp reached an agreement with the Namibian government to secure the exploration licenses in PEL 82, formerly PEL 23, in the Walvis basin, and in PEL 83, formerly PEL 28, in the Orange basin.
The concessions cover a total area of about 20,000 km2.