Somoil ups its stake in Angola’s upstream sector

Galp has agreed to sell its stake in upstream plays in Angola to local independent Somoil*, the Portuguese energy giant announced in its annual report on Monday.

Somoil will acquire the assets for around USD 830 million.

Sold shares include a 9% stake in Block 14, a 4.5% interest in Block 14K and a 5% stake in Block 32.

Block 14 is operated by Chevron and contains the Tombua, Landana, Kuito and Benguela-Belize-Lobito-Tomboco fields.

With the purchase, Somoil will take a 29% stake in the play alongside partners Chevron with 31% interest. NOC Sonangol and Azule Energy hold the remaining 20% stakes each.

Block 14K is shared with the Republic of Congo and hosts the Lianzi field. Somoil will up its stake in the asset to 14.5%.

Chevron operates the concession with a 31.25% interest alongside partners TotalEnergies with a 26.75% stake, Azule Energy with a 10% stake, Sonangol with a 10% stake and National Petroleum Company of Congo holding the remaining 7.5% stake.

Block 32 is operated by TotalEnergies and houses the Kaombo Noreth and South complexes.

The move follows Somoil moving in on Block 14 and Block 14K in January 2022.

*(Somoil was renamed Etu Energias in 2023)