Lisbon, Portugal, 27 April – Portuguese oil company Galp Energia is to enter oil exploration in East Timor and Mozambique through the acquisition of 10 percent of concessions granted to Italy’s ENI, the company said in a statement Thursday.
The statement said that the contracts signed with ENI, which are for five blocs in East Timor and one in Mozambique, have yet to be ratified by the governments of both countries.
The concessions granted in East Timor are for seven years in the exploration phase and 25 years for the production phase.
In Mozambique, the bloc has an exploration period of eight years and production of 30 years. (macauhub)