Welligence Sub-Saharan Africa M&A | Somoil snaps up Galp’s Angolan portfolio

February 15, 2023

On 13th February 2023, Galp announced it had agreed to sell its Angolan upstream portfolio to Somoil for US$830 million, comprising US$655 million on completion and contingent payments of US$175 million. The deal involves non-operating stakes in three blocks (9% in Block 14, 4.5% in Block 14K and 5% in Block 32) that hold five producing developments.