traveler
July 18th, 2008, 02:35 AM
Galp is now an oil producer
GalpEnergia (listed) has announced an historic strategy change moving upstream to concentrate on oil production and strengthening natural gas and crude oil exploration. With seven new blocs in oil fields in Brazil one in the Campos basin, three in Santos basin and three between Pernambuco and Paraíba, Galp unveiled a move into oil production that leaves behind its earlier focus as a regional petroleum refiner and distributor. The strategy includes changes to the natural gas sector where operations are managed through Galp Gás Natural (formerly Transgás). Current mandates of executive directors and board members run out in December and the changes imply an injection of executives with upstream skill sets and experience. Galp Gás Natural is presently chaired by Massimo Rivara representing ENI the Italian oil giant and Galp shareholder. Apart from operations in Brazil and Angola, Galp also has a partnership deal to explore offshore oil and natural gas in the Timor Gap (a former Portuguese colony). The company may increase its current 25% stake in Gran Mariscal de Ayacucho (Venezuelan gas fuelled power station) at a cost of €500 million.
GalpEnergia (listed) has announced an historic strategy change moving upstream to concentrate on oil production and strengthening natural gas and crude oil exploration. With seven new blocs in oil fields in Brazil one in the Campos basin, three in Santos basin and three between Pernambuco and Paraíba, Galp unveiled a move into oil production that leaves behind its earlier focus as a regional petroleum refiner and distributor. The strategy includes changes to the natural gas sector where operations are managed through Galp Gás Natural (formerly Transgás). Current mandates of executive directors and board members run out in December and the changes imply an injection of executives with upstream skill sets and experience. Galp Gás Natural is presently chaired by Massimo Rivara representing ENI the Italian oil giant and Galp shareholder. Apart from operations in Brazil and Angola, Galp also has a partnership deal to explore offshore oil and natural gas in the Timor Gap (a former Portuguese colony). The company may increase its current 25% stake in Gran Mariscal de Ayacucho (Venezuelan gas fuelled power station) at a cost of €500 million.