Galp Secures Three Exploration Blocks in Brazil

© Manuel Aguiar / Galp Energia

Portugal's Galp has been awarded three offshore blocks as part of Brazil’s fifth Open Permanent Concession bid round.

Galp acquired offshore early-stage exploration blocks P-M-1670/1672/1741 in the Pelotas basin, in the southern region of the country.

The awarded consortium is composed by Petrobras, as operator with 70%, and Galp with a 30% interest.

The gross aggregate signature bonus for the blocks amounts to approximately $2.08 million.

The fifth cycle of the Permanent Concession Offer hosted today by the Brazilian National Petroleum, Natural Gas and Biofuels Agency (ANP).