{"id":22663,"date":"2026-01-20T16:47:09","date_gmt":"2026-01-20T14:47:09","guid":{"rendered":"http:\/\/jhb-webdevelopers\/channelafrica\/news\/with-refining-spin-off-galp-focuses-on-growing-upstream-in-brazil-namibia\/"},"modified":"2026-02-27T16:33:36","modified_gmt":"2026-02-27T14:33:36","slug":"with-refining-spin-off-galp-focuses-on-growing-upstream-in-brazil-namibia","status":"publish","type":"news","link":"https:\/\/www.channelafrica.co.za\/channelafrica\/news\/with-refining-spin-off-galp-focuses-on-growing-upstream-in-brazil-namibia\/","title":{"rendered":"With refining spin off, Galp focuses on growing upstream in Brazil, Namibia"},"content":{"rendered":"

Portuguese energy firm Galp will focus on growing its upstream business from oilfields in Brazil and Namibia and may list parts of its newly formed downstream business in a couple of years, its Co-Chief Executive Joao Diogo Marques da Silva told Reuters<\/em> this Tuesday.<\/p>\n

 <\/p>\n

The company said earlier this month it was in talks with private equity-backed Moeve to combine \u200ctheir businesses in two new entities, one focusing on retail and another on refining.<\/p>\n

 <\/p>\n

Galp’s upstream oil and gas production business, which includes stakes in closely watched, undeveloped oil fields offshore Namibia, would not be included in the merger.<\/p>\n

 <\/p>\n

The deal, if successful, would create two new companies and result in the formation \u200dof one of Europe’s biggest refiners.<\/p>\n

 <\/p>\n

The merger announcement led to analyst speculation that Galp might look to sell its upstream business.<\/p>\n

 <\/p>\n

Marques da Silva said Galp is focusing on growing the upstream business rather than being an acquisition target as production \u2060will grow 10% in 2026 in Brazil alone.<\/p>\n

 <\/p>\n

“We have a unique story in upstream. We’ve built growth, \u200da unique story with a very strong asset base,” he said in an interview at the World Economic Forum \u200cmeeting in \u200cDavos. “We are looking for additional value creation options.”<\/p>\n

 <\/p>\n

Galp may return to Angola as opportunities open up, he added.<\/p>\n

 <\/p>\n

 <\/p>\n

The energy firm will also assess a public listing of its merger with Moeve after at least two years, Marques da Silva said, adding they are expecting a final agreement on the merger in mid-2026, when \u2060valuations would become clearer.<\/p>\n

 <\/p>\n

 <\/p>\n

Galp would \u2060control 50% of the retail venture with Moeve and around 20% of refining.<\/p>\n

 <\/p>\n

 <\/p>\n

Galp will need clarity on regulatory issues related to the retail business and will need to consolidate the refining and industrial business and complete investments before discussing a listing, he \u200dsaid.<\/p>\n

 <\/p>\n

The agreement between Galp and Spain’s Moeve, whose shareholders are the United Arab Emirates’ state-owned investment company Mubadala and United States investment firm Carlyle Group is non-binding.<\/p>\n

 <\/p>\n

One of the new entities would run 3 500 retail fuel stations mainly in Spain and Portugal, selling more than 6.5 million metric tons of refined products \u200dannually.<\/p>\n

 <\/p>\n

 <\/p>\n

The other would operate Moeve’s Huelva and Algeciras oil refineries and Galp’s Sines refinery. The three facilities have combined capacity of around 700 000 barrels per day.<\/p>\n

 <\/p>\n

 <\/p>\n

–Reuters–<\/p>\n","protected":false},"featured_media":22664,"template":"","meta":{"_acf_changed":false},"news-type":[44],"class_list":["post-22663","news","type-news","status-publish","has-post-thumbnail","hentry","news-type-finance","entry"],"acf":{"short_description":"Portuguese energy firm Galp will focus on growing its upstream business from oilfields in Brazil and Namibia","published_date":"2026-01-20 18:40:27","news_description":"Portuguese energy firm Galp will focus on growing its upstream business from oilfields in Brazil and Namibia","form_embed":"","author":"","image_caption":""},"_links":{"self":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/22663","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/types\/news"}],"version-history":[{"count":1,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/22663\/revisions"}],"predecessor-version":[{"id":25883,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/22663\/revisions\/25883"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media\/22664"}],"wp:attachment":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media?parent=22663"}],"wp:term":[{"taxonomy":"news-type","embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news-type?post=22663"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}