Portugal: exploration and production

Petrobras has signed an agreement with Galp Energia and Partex for exploration and production in four blocks of the Lusitaniana basin offshore Portugal north of Lisbon. With a 50% stake, Petrobras will be operator. Galp Energia and Partex, hold 30% and 20% interests, respectively. The Camarão, Amêijoa, Mexilhão, and Ostra blocks are in water depths ranging from 200 to 3000m and cover a total area of 12,000 sq km. The agreement foresees an eight-year exploration period, which will involve seismic acquisitions and exploratory well drilling. Initial investments are expected to range from USD 20 to USD 30 million.
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