Sociedade Petrolifera Angolana, S.A. entered into an agreement to acquire Upstream Assets in Angola from Galp Energia, SGPS, S.A. (ENXTLS:GALP) for $830 million on February 10, 2023. The consideration includes contingent payments of $175 million due in 2024 and 2025 dependent on Brent price. The transaction is subject to customary terms and conditions. The transaction is expected to complete during the second half of 2023. BofA Securities, Inc. acted as financial adviser to Galp Energia, SGPS, S.A. Mukund Dhar, Jason Kerr, Margot Lindsay, Deji Adegoke and Will Smith, and Vasi Papadopoulos of White & Case LLP advised Sociedade Petrolifera Angolana. Richard Blunt of Baker & Mckenzie LLP, London acted as legal advisor to Galp Energia, SGPS, S.A. (ENXTLS:GALP).

Sociedade Petrolifera Angolana, S.A.completed the acquisition of Upstream Assets in Angola from Galp Energia, SGPS, S.A. (ENXTLS:GALP) on June 13, 2024. The transaction gives Etu Energias a 5% interest in Block 32, located approximately 260 kilometres off the coast of Luanda in water depths ranging from 1,400 metres to 2,000 metres. It is operated by TotalEnergies Exploration Production Angola and has been one of the largest producing blocks in the country since achieving first oil in 2018. The transaction has been fully approved by local authorities and regulatory bodies.