Galp CEO: We can’t hold an 80% share in the Namibian block

CEO Filipe Silva stated on Tuesday that Galp Energia of Portugal is “beyond its financial means” to maintain an 80% interest in the exploration block that includes the Mopane field, meaning the company will require a partner to develop a lucrative oil find in Namibia.

He stated on a conference call with analysts, “We will prioritise a partner that is keen to develop the prospects quickly and that will fund the capex.”

The Mopane field may contain at least 10 billion barrels of oil, according to the company’s assessment last week after concluding the field’s initial round of exploration.