Portuguese group Galp Energia to invest in Angola to increase oil production

22 November 2011

Lisbon, Portugal, 22 Nov – Portuguese oil group Galp Energia wants to double its oil production in Angola and to do that plans to invest, by 2020, 1 billion euros in that market, the online edition of Portuguese daily newspaper Diário de Notícias reported.

The newspaper also said that the group aimed for production to increase from 17,000 barrels of oil per day at the moment to 35,000 barrels per day.

With this increase Angola will become an even more important market for Galp’s oil exploration and production business, which is the area in which the Portuguese company is currently focusing most of its efforts.

As well as Angola the group plans to invest in Brazil in order to increase production to 300,000 barrels of oil per day by 2020, which is the same as Portugal’s entire daily oil consumption. (macauhub)