Partex joins Petrobras and Galp in oil exploration in Portugal

9 August 2006

Lisbon, Portugal, 09 Aug – The Partex oil company is to join the consortium between Petrobras and Galp to conduct oil exploration on the Portuguese coast, where concessions should be granted within the next few days, the Diário Económico reported Tuesday.

The Portuguese daily indicated that the consortium would explore an offshore strip more than 2,000 meters deep between the northern city of Aveiro and Sintra near Lisbon.

Exploration will especially focus on the area off Peniche, about 100 kilometers north of the capital.

The area subject to the contract has yet to be determined, though it should comprise three or four blocs.

The detection of hydrocarbon resources with potential for commercial use is “credible”, said a consortium source cited by the newspaper.

The exploration contract will be signed in the next few days during this week’s visit to Brazil by Portuguese Prime Minister José Sócrates.

Galp and Partex are also disputing three exploration blocs off southern Portugal’s Alentejo coast, which should be awarded after this summer. (macauhub)