In early 2024 Galp carried out tests at its Mopane-1X and Mopane-2X wells and estimated in April that the Mopane field could hold at least 10 billion barrels of oil following a first phase of exploration.

The find at Mopane appears to be one of the largest made in the Orange Basin following successful exploration projects by TotalEnergies and Shell in recent years.Saipem will present an updated business plan next February, he said, sounding upbeat on the prospects for the energy services market.

Late on Wednesday the Italian group reported adjusted earnings before interest, taxes, depreciation and amortisation of 340 million euros ($367.17 million) between July and September, above an analyst consensus of 323 million euros compiled by LSEG.

On the back of this performance, Saipem revised up its 2024 guidance and confirmed its intentions to resume dividend payments next year after a four-year halt.Shares in Saipem were up nearly 5% in early afternoon trading in Milan, lifted by the improvement of its full-year guidance.

--Reuters--