Proceeds are expected to reach c.$830 m, already net of capital gain taxes, including c.$655 m to be received until completion and $175 m in contingent payments due in 2024 and 2025 dependent on Brent price.
The transaction is subject to customary terms and conditions, with completion expected during the second half of 2023.
“This transaction allows Galp to crystalize value from mature upstream assets and supports the high-grading of our upstream portfolio and our decarbonisation strategy. We are confident that Somoil, already present in Block 14, will be a strong contributor to the development of these longstanding Galp assets”, stated Filipe Silva, Galp CEO.
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