Portuguese oil group Galp Energia to invest 100 million euros in Angola this year

12 July 2011

Lisbon, Portugal, 12 July – Portuguese oil group Galp Energia has scheduled investments of 100 million euros this year in Angola, which will almost entirely be used for oil and natural gas exploration, according to Portuguese financial newspaper, Diário Económico.

The newspaper said that this new package of investment increased Galp’s overall investment in Angola to over US$1 billion.

The priority areas for investment are Block 14 – the only block that is currently in the production stage – where the Lucapa and Malange fields will be the targets and in Block 14 K, the Lianzi field, and the list also includes Block 32.

Despite having lost some of its weight to Brazil in recent times, Angola promises to continue over the next few years to be one of the main sources of Galp’s revenues, as the country accounts for around one fifth of the overall production target for the group of 200,000 barrels per day set for 2020.

The group projects an average annual rise in oil production of 7 percent in Angola, and the starting point in the country currently stands at almost 18,000 barrels per day extracted from Block 14. (macauhub)