By Peter Howard Wertheim
OGJ correspondent
RIO DE JANEIRO, July 8 -- Queiroz Galvão Perfurações SA (QGP), the oil and gas subsidiary of Queiroz Galvão SA (QG), a diversified Brazilian group, has received a $40 million investment loan from International Finance Corp. to support exploration and production operations in Brazil. IFC is the private sector arm of World Bank Group.
A construction and engineering firm, QGP traditionally has provided drilling services but has diversified into oil and gas exploration and production activity. It has acquired participating interests in 11 oil and gas concessions in Brazil, and its investment program includes the development of a "significant" domestic gas discovery in Brazil's relatively less-developed northeastern region as well as exploration and appraisal in several other concession areas in the country.
