According the Portugal Resident, Portuguese energy giant GALP has seen its shares hit “an all-time high” following the discovery that two ‘wells’ off the coast of Namibia hold enough oil and gas for the next 143 years.
From one day to the next, the Amorim family who own the largest number of shares in the company made almost a billion euros.
Just in the concession bloc known as Mopane – and before sinking any more additional exploration wells – the company estimates it is sitting on another 10 billions barrels of crude, say reports.
Portugal as a nation consumes 191,000 barrels a day – hence the calculation that the new find could power the nation well into the next century. But (of course) it won’t: GALP is already negotiating to sell off part (possibly as much as half) of its stake, which will allow it to “reduce the risk inherent in the oil exploration business”, analysts have told Lusa.
And it is being widely stressed by all media sources that the discovery “will have no effect on fuel prices in Portugal”.
From one day to the next, the Amorim family who own the largest number of shares in the company made almost a billion euros.
Just in the concession bloc known as Mopane – and before sinking any more additional exploration wells – the company estimates it is sitting on another 10 billions barrels of crude, say reports.
Portugal as a nation consumes 191,000 barrels a day – hence the calculation that the new find could power the nation well into the next century. But (of course) it won’t: GALP is already negotiating to sell off part (possibly as much as half) of its stake, which will allow it to “reduce the risk inherent in the oil exploration business”, analysts have told Lusa.
And it is being widely stressed by all media sources that the discovery “will have no effect on fuel prices in Portugal”.
