Portugal: Luso-Brazilian consortium starts oil exploration in Portugal in 2010

15 October 2008

Coimbra, Portugal, 15 Oct – A Luso-Brazilian consortium plans in 2010 to start drilling for oil in Portugal, in the Lustinânica Basin, which shows signs of having good reserves, a source from Petrobras said.

“The geological conditions are very interesting and there are good prospects of significant discoveries,” manager of Petrobras, Guilherme Estrella told Portuguese news agency Lusa Monday.

The Brazilian oil company (50 percent) and Portugal’s Galp Energia (30 percent) and Partex (20 percent), a company that is part of the Calouste Gulbenkian Foundation, have formed a consortium for exploration of the Lusitânica Basin, which extends from Cape Mondego to the Peniche area.

Petrobras, Galp Energia and Partex are also jointly involved in oil blocks in Brazil.

Estrella also told Lusa that, as part of the partnership with Galp, which has stakes of between 10 and 14 percent his company would start exploration in Brazil’s Santos Basin with 30,000 barrels per day, and that in December of the same year this amount would rise to 100,000 barrels per day and 4,000 cubic metres of gas.

In November 2007 Petrobras announced it had discovered what is expected to be the biggest oil reserve in Brazil and possibly the world.

The oil was found in the pre-salt layer that extends from teh state of Espírito Santo as far as the state of Santa Catarina. (macauhub)