Galp Energia Inks Portuguese Exploration Contracts
Galp Energia and its partners Hardman Resources and Partex Oil and Gas, signed three contracts for the exploration, development and production of oil in Portugal.
The three contracts give concession rights for the exploration of three different areas offshore, designated by "Gamba", "Lavagante" and "Santola", corresponding to an area of more than 9,000 square kilometers, along the coast of Alentejo. These three blocks have water depths between 200 and 3,000 meters.
The initial phase of the exploration contract is for eight years. The production phase is 30 years with an option for 15 more years. On these three blocks, during the first eight years, the initial work program calls for seismic acquisition and drilling several exploration wells. In the event that hydrocarbons are discovered, the group will enter into the production phase.
The group for the exploration of these areas is formed by Hardman Resources Ltd (80%), which is the operator, by Partex Oil and Gas (Holdings) Corporation (10%) and by Galp Energia (10%).
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