Petrobras looking into buying a stake in Galp

January 4, 2011

Brazil’s Petrobras said it is “studying a potential transaction” to buy a stake in Portugal’s Galp Energia from Italy’s Eni, which owns 33.34% of Galp. Galp owns stakes in 56 exploration blocks in Brazil, including a 10% stake in the BM-S-11 block, home to the super-giant Tupi and Iracema fields. Petrobras owns 65% of the block and is the operator. Petrobras and Galp also cooperate in offshore exploration in Portugal and have an ethanol and biodiesel joint venture that plans to supply biofuels to Europe. (January 4,2011)

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