Portugal: Galp Energia plans to invest 5.3 billion euros over next five years

11 March 2008

Lisbon, Portugal, 11 March – Portugal’s Galp Energia group will invest 5.3 billion euros from 2008 to 2012, some 3 billion of which will be channeled into projects in Portugal, the company announced on Monday.

Galp will invest 2.8 billion euros in modernizing its refineries at Sines and Porto, where more than 1 billion euros will be invested in development of second-generation biodiesel production in addition to conclusion of the acquisition of Agip Iberica service stations.

On the international front, Galp plans to invest 1.5 billion euros in oil exploration ventures in Brazil and Angola. These investments complement current projects in Brazil, Portugal, Mozambique, East Timor and Venezuela, where Galp is studying a possible liquefied natural gas terminal joint venture.

With its fresh investments Galp expects to achieve a daily oil production of around 150,000 barrels, about 47 percent of Portugal’s crude requirements, and from 3 billion to 6 billion cubic meters of natural gas, or between 45 and 95 percent of total market demand in Portugal.

Galp also said it was evaluating possible oil exploration and production ventures in Libya and Venezuela. (macauhub)