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ExxonMobil sells 40% stake to Galp

ExxonMobil has sold a stake on its petroleum explaration licence located on the Walvis basin to a Portugal based company.

Galp has informed its shareholders on intentions to of farming-down a 40% interest in Namibia to an ExxonMobil subsidiary.

Under the transaction, both Galp and ExxonMobil will hold a 40% interest in the license, and Galp will maintain the operatorship.

Meanwhile the National Petroleum Corporation of Namibia (NAMCOR) and Custos, a local Namibian company, each hold a 10% stake in the license

“The transaction conclusion is subject to satisfaction of customary conditions precedent, including the approval of the relevant competent Namibian authorities,” Galp said in a report.

The license is located in the Walvis basin and covers an area of 11,444 km2 in water depths ranging from 300 m to 2,000 m.

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