Galp, Petrobras and Partex to search for oil on the Portuguese coast

14 August 2006

Rio de Janeiro, Brazil, 14 Aug – The Petrobras/Galp Energia/Partex consortium is going to start prospecting oil in the Peniche basin in Portugal in September, an investment worth 5 million euros, according to the terms of the agreement signed Friday in Rio de Janeiro, officials said.

“We expect positive results and hope that the success in Brazil repeats itself in Portugal”, said the president of Petrobras, José Sérgio Gabriel, during the ceremony of the singing of the agreement between the Brazilian company, Galp and Partex, a company that holds the oil interests of the Gulbenkian Foundation.

Under the terms of the agreement, the prospecting of oil in the deep waters of the Peniche basin will represent an investment of 5 million euros, an amount that will be split amongst the companies: Petrobras (50 percent), Galp (30 percent) and Partex (20 percent).

The consortium is proposing to search for oil in various areas of the sea, around 60 kilometers off the coast, in waters that are 3,000 meters deep.

The creation of this consortium stemmed from the relationship that Galp Energia and Petrobras have developed in oil exploration and production in Brazil, where both companies have joint stakes in sites on land (on shore) and at sea (off shore), according to a Galp Energia statement made public in Lisbon.

This relationship grew stronger at the start of the year with the signing of the agreement for the exploration of 30 new oil blocs resulting from the “Setima Rodada” (7th Round) auction. This broadened the partnership to a total of 54 blocs where the companies work together. (macauhub)