Galp Energia acquires eight Blocks in the 10th Bidding Round for Exploratory Blocks in Brazil

Galp Energia took part in the 10th bidding round for exploratory blocks organized by the National Oil, Gas and Biofuels Agency (“ANP”), that was held today in Rio de Janeiro, Brazil.

In this bidding round Galp Energia won the following Blocks: 

• Five blocks in the Potiguar Basin in a mature area located onshore. The winner consortium, where Galp Energia and Petrobras hold a stake of 50% each, paid a total signature bonus of 8.6 million Brazilian reais for all the blocks. Galp Energia is the operator in three of the Blocks. The exploration concessions have a maximum period of five years, during which several exploration wells will be drilled. Each block has an area of around 30 square kilometres. Galp Energia operates in Potiguar Basin since 2004, where has already made several oil and gas discoveries, which are currently being evaluated.
• Three blocks in the Amazonas Basin, located on a new frontier area, with a total signature bonus paid by the consortium of 27.5 million Brazilian reais. The winner consortium is composed by Petrobras, operator with 60% and Galp Energia with 40%. The exploration concessions have a maximum period of seven years throughout several exploration wells will be drilled. The total area of these blocks is around nine thousand square kilometres. The Amazonas Basin is a region where relevant reserves of natural gas have already been identified and is located close to an important industrial and mining hub.

See attach for further information on the blocks acquired.

Galp Energia, SGPS, S.A.

PDF 50 KB Galp Energia acquires eight Blocks in the 10th Bidding Round for Exploratory Blocks in Brazil