Galp and Petrobras have secured exploration rights to blocks in the Pelotas basin, emphasizing their long-term commitment to Brazil’s oil sector.
Target Information
The joint venture between Galp and Petrobras has successfully secured rights to explore blocks 1741, 1670, and 1672 in the Pelotas sedimentary basin, located in southern Brazil. This acquisition was part of the 5th Cycle of the Permanent Offering of Concessions conducted by the National Agency of Petroleum, Natural Gas and Biofuels (ANP) earlier today.
The consortium acquired exploration rights over an area exceeding 3,023 km² offshore in the Pelotas basin, offering a signature bonus of R$11.5 million (€1.8 million). Paula Pereira da Silva, the Country Manager of Galp in Brazil, stated, "With this investment, we reaffirm our long-term commitment to Brazil and renew our confidence in its potential.”
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Industry Overview in Brazil
Brazil ranks as one of the leading players in the global oil and gas industry, especially known for its pre-salt oil reserves. The Brazilian oil sector is characterized by its significant technological advancements and operational exce
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Disclosed details
Transaction Size: $2M