Eni and Galp Energia’s subsidiary Petrogal finalized a farm in agreement for Eni to acquire operatorship and 70% stake in three permits off Portugal.
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Map of Galp Energia Portugal blocks. From Galp Energia. |
The three ultra deepwater permits, Gamba, Santola and Lavagante, are located in the Alentejo basin in 200-3000m water depth.
The agreement guarantees the exploration rights for an unexplored area of 9100sq km.
Galp Energia says that following the 2D and 3D seismic campaigns covering 8500sq km and 1800sq km, respectively, multiple prospects and leads within Jurassic and Cretaceous sediments were identified. The parties are planning to drill an exploration well during the next exploration period.
The exploration permits were awarded to Petrogal in 2007 by the Portuguese State for the concession of oil research, development and production rights. The concessions were awarded for the first eight-year exploration period and for a 30-year production period, with the possibility of extending to an additional period of 15 years.
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