Galp Energia to explore blocks off Portugal

Portugal's Galp Energia SA said it will explore three blocks covering 9,000 sq km off southwestern Portugal in partnership with Hardman Resources and Portugal's Partex Oil & Gas.

Uchenna Izundu
International Editor

LONDON, Feb. 2 -- Portugal's Galp Energia SA said it will explore three blocks covering 9,000 sq km off southwestern Portugal in partnership with Hardman Resources and Portugal's Partex Oil & Gas.

The initial exploration stage will run for 8 years. If oil is found, production would span 30 years, Galp said. The group also has an option to extend the contract by another 15 years.

Hardman has an 80% interest in the consortium, while Galp and Partex have 10% each.

Contact Uchenna Izundu at uchennai@pennwell.com.

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