Portugal: Galp to operate Porto’s Aljubarrota-3 block

Petroleos de Portugal-Petrogal SA (Galp) has exercised its option to assume operatorship of the Aljubarrota-3 onshore concession in Portugal’s Lusitanian basin, subject to Portuguese government approval, said Porto Energy Corp., The Woodlands, Tex.

Porto Energy said the decision demonstrates Galp’s “belief in the potential of the asset,” which was the subject of a farmout the two companies signed in June 2012.

Under the terms of the definitive farmout agreement, Galp paid Porto Energy $4.3 million in back costs plus Galp’s share of drilling costs of the ALC-1 well, $6.15 million, to earn 50% of Porto’s Energy’s rights in the 300,000-acre Aljubarrota-3 concession.

The Portuguese government approved the 50% participation, which extends to all stratigraphic intervals, in September 2012. The two companies concluded a joint operating agreement in this year’s first quarter.

Porto Energy, through its Mohave Oil & Gas Corp. subsidiary, holds working interests in seven concessions totaling 1.6 million net acres on which it has identified seven major exploratory trends and generated more than 45 prospects and leads in the basin.

Related Articles

Financial questions seen for US shale gas, tight-oil plays

03/25/2014 Financial problems of operators in US shale gas and tight oil plays might hold production growth below current expectations, according to the autho...

BOEM: Firms bid $850 million in high bids in central gulf lease sale

03/24/2014 The US Bureau of Ocean Energy Management reported that its central Gulf of Mexico Lease Sale 231 received 380 bids from 50 companies on 326 blocks,...

Statoil makes gas find on flank of Visund field in North Sea

03/24/2014 Statoil Petroleum AS has made a natural gas discovery on the northeast flank of Visund field in the northern part of the North Sea, the Norwegian P...

CNOOC makes natural gas discovery in Bohai Bay

03/24/2014 CNOOC Ltd. has made what it describes as a “mid-sized” natural gas discovery in the Bozhong 22-1 structure in the south-central region of Bohai Bay.

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!


Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected