Portuguese Investment in Brazil’s Pre-Salt
Claudio Paschoa
July 29, 2013
Galp Energy, which is Portugal’s major O&G operator, is aiming at increasing its investments in Brazil through acquisition of new block during Petrobras’ pre-salt bidding round next October. Galp is already considered a preferred partner by Petrobras as can be seen by the fact that Galp currently partners Petrobras in four deepwater pre-salt blocks in the Santos Basin, with the biggest blocks being Lula and Cerambi, both large pre-salt plays, which are producing. Earlier this year Galp again partnered Petrobras in acquiring nine blocks in the Parnaíba, Potiguar and Barreirinhas Basin, during the 11th bidding round which mainly encompassed block along Brazil’s Northeast Coast and Equatorial Margin.