Galp strikes oil off Namibia. Among the world's top finds
The fuel conglomerate Galp has made a significant discovery off the shores of Namibia, in the southern part of Africa, uncovering an oil field that ranks among the largest in the world. Preliminary estimates from the Portuguese company suggest the deposit holds at least 10 billion barrels of crude oil.
5:28 AM EDT, April 27, 2024
Lisbon's CM TV reported that this newly found deposit is the world's eighth largest. It's noteworthy that Galp has uncovered four oil deposits that have been listed among the top 20 largest globally since 2000.
A very important discovery
In a press release, Galp announced the discovery of an offshore deposit, describing it as a very important commercial discovery. The company also revealed plans to sell 40 percent of the shares in the block where the new deposits were located.
Following the announcement of the discovery off Namibia's coast, Galp's share value on the Lisbon stock exchange surged by more than 2.2 billion euros, Portuguese media highlighted.
Beyond its activities in exploring and extracting crude oil and natural gas, Galp is also engaged in the storage and sale of fuel. The company operates over 700 gas stations.
Galp's main shareholder is Amorim Energia, which holds 35.8 percent of its shares. The state-run Parpublica owns 8 percent. The other 56.3 percent of Galp's shares are distributed among smaller shareholders.
