Galp and Moeve end talks to create Iberian giant

Galp and Moeve have ended negotiations to create a major Iberian energy company due to strategic and financial incompatibilities. The merger aimed to enhance energy autonomy in the Iberian Peninsula but was hindered by market instability. With the cancellation, Repsol remains the leading operator in the region. Moeve is focusing on its Positive Motion strategy to lead in green hydrogen by 2030. Galp reported a 68% profit increase in Q3, driven by production growth in Brazil and international oil and gas trading. Despite the failed merger, Galp emphasizes its strong financial position and commitment to long-term value creation.