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Some of Vivo’s service stations will operate under the Engen brand (Image: Vivo Energy)
Vivo has more than 2,600 service stations across and remains focused on maintaining opera-
23 African countries, using the Engen and Shell tional and commercial excellence both during
brands. the pre-completion period and under the stew-
The Phembani Group, Petronas’ long-stand- ardship of Vivo post-completion of this transac-
ing partner in Africa and Engen’s Broad-Based tion, noted Petronas.
Black Economic Empowerment (B-BBEE) The company was advised by Morgan Stan-
shareholder, will remain a 21% shareholder in ley and Rothschild & Co. on the transaction,
Engen alongside Vivo. which is subject to customary conditions prece-
Engen will continue to execute its strategy dent including regulatory approvals.
Galp to sell Angolan upstream
assets to Somoil for $830mn
ANGOLA PORTUGAL’S Galp has arranged to sell
its upstream assets in Angola to Sociedade
Petrolífera Angolana (Somoil), a local com-
pany, for a total consideration of approximately
$830mn after capital gains taxes.
Galp announced the deal in a statement
dated February 13, saying that it had already
signed an agreement with Somoil. The docu-
ment provides for the Angolan company to pay
about $655mn for the assets plus about $175mn
in contingent payments, with the exact size of
the latter to be dependent on Brent crude prices.
The Portuguese company aims to finalise
the transaction in the second half of 2023 and The deal involves Galp’s stakes in Block 14, Block 14K and Block 32 (Image: Galp)
would make the contingent payments in 2024
and 2025. Bank of America is slated to act as transaction allows Galp to crystalize value
Galp’s financial advisor for the transaction. from mature upstream assets and supports the
The deal will add the following assets to high-grading of our upstream portfolio and our
Somoil’s upstream portfolio: a 9% stake in decarbonisation strategy. We are confident that
Block 14, which includes the Kuito, Bengue- Somoil, already present in Block 14, will be a
la-Belize-Lobito-Tomboco (BBLT) and Tom- strong contributor to the development of these
bua-Landana fields; a 4.5% stake in Block 14K, longstanding Galp assets.”
which includes Lianzi, a field connected to a Somoil, a privately-owned independent
platform at BBLT via subsea tie-ins; and a 5% Angolan company, has bought minority stakes
stake in Block 31, which includes the Kaombo in a number of offshore fields. Edson Rodri-
and Central North East (CNE) fields. Kaombo gues dos Santos, Somoil’s CEO, told Upstream
is already on stream, but CNE is still moving Online last October that his goal was eventu-
toward the first stage of development. ally to list the firm’s stock on the London Stock
Filipe Silva, Galp’s CEO, commented: “This Exchange (LSE).
P8 www. NEWSBASE .com Week 07 16•February•2023
