PLMJ advises GALP on the sale of its upstream assets in Mozambique

PLMJ advised GALP on the negotiation and signing of an agreement for the (indirect) sale of its 10% interest in the exploration concession in Area 4 of the Rovuma Basin in northern Mozambique to Abu Dhabi National Oil Company (ADNOC), an oil company from the United Arab Emirates.

The PLMJ team was led by Diogo Perestrelo, partner and co-head of Corporate M&A, and included Rúben Brigolas, senior counsel in the team, Nuno Serrão Faria, managing associate, Rita Pereira Jardim, senior associate, Inês Delgado Martins, associate in European Law and Competition, and Nuno Morgado Pereira, senior associate in Banking and Finance.

The closing of the transaction, which was notified to the CMVM (Portuguese Securities Market Commission) last week, is subject to regulatory approvals. It will provide GALP with a cash inflow of approximately USD 650 million, with additional contingent payments of USD 500 million expected.