Portugal's Galp Energia has signed a Memorandum of Understanding with Brazil's Petrobras aimed at extending the cooperation between the two companies. Galp said potential joint projects the two companies intend to explore include oil and gas exploration, production and infrastructure development, in “areas of common interest in Brazil and abroad.” However, the new gas production is not likely to result in an increase in Galp's commitment in gas-fired generation, a spokesman for the company said.
“We currently have no plans to promote additional generation units” he said, explaining the only existing gas-fired generation assets that the company operates are are two cogeneration (CHP) plants that it has in each of its two refineries.
The MoU also includes a joint training and research programme, focused on deepwater carbonate reservoirs.
Galp and Petrobras have been working together for some 15 years on several upstream projects in Brazil, “having worked closely in some of the most important discoveries in the last decade” such as the Lula/Iracema field, a world-class project and "the biggest development in the pre-salt of the prolific Santos basin."
The Brazil projects represent the core of Galp's upstream commitment, currently comprising of six sanctioned projects, four non-sanctioned projects and 17 exploration licences, Galp highlighted in an investor presentation in September. Other areas where it is focusing its upstream activities include Mozambique and Angola.