Portugal’s Galp Energia is biggest partner of Brazil’s Petrobras

18 January 2006

Lisbon, Portugal, 18 Jan – Portuguese oil and gas company Galp Energia Tuesday became the biggest international partner of Brazil’s Petrobras on signing a concession contract for 30 new oil and natural gas blocs in Brazil, the company said in a statement.

Through the contract signed in Rio de Janeiro, Galp Energia has exploration and production rights on all 30 blocs as part of a consortium with Petrobras.

Galp’s total investment in the bid for the new blocs in October was 4.4 million euros but their exploration is expected to cost some 19 million euros until 2008 in the onshore blocs and 2012 in the offshore blocs.

Galp now has stakes in 54 blocs in Brazil making it Petrobras’ largest partner by number of consortiums set up for production and exploration.

Apart from Brazil, Galp Energia has oil exploration rights in Angola through partnerships with Sonangol in four blocs.

Petrobras, one of the world leaders in deepwater oil and gas production technology, is currently one of the few companies in the world whose production and reserves of oil and gas are increasing.(macauhub)