Brazil: Galp Energy confirms natural gas and oil discovery in Brazil

26 September 2008

Lisbon, Portugal, 26 Sept – Portuguese oil and gas company Galp Energia Thursday confirmed the discovery of a large natural gas and oil reserve off the coast of Rio de Janeiro in Brazil, that had been announced in January.

In a statement filed with Portuguese market regulator CMVM, Galp said that it would only be possible to estimated volumes of gas and oil in the reserve after analysis of the fluids collected and after new rounds of test drilling.

The BSN-S-24 bloc, in the deep waters of Santos bay, is explored by a consortium made up of Petrobrás (80 percent) and Galp Energia (20 percent).

The oil and gas strike was originally announced on 21 January, but drilling had been suspended “for operational reasons” that were not specified.

Galp Energia has stakes in three other blocs in the Santos basin: BSM-S-8 (14 percent), BSM-S-11 (10 percent) and BSM-S-21 (20 percent). (macauhub)