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E & P News

2015

Nov 2015: TGS announced the reprocessing of 22,847 kms of 2D offshore seismic. Petroleum systems similar to those off Newfoundland and Nova Scotia in Canada may be present. The project is supported by industry funding.

2014

Dec 2014: Eni has finalised  with Petrogal, a subsidiary of Galp Energia, the farm in agreement for the acquisition of a 70% stake and operatorship of 3 offshore permits; Gamba, Santola and Lavagante. The exploration permits were awarded to Petrogal in 2007.

Apr 2014: Petrobras has withdrawn from its 3 deep water blocks (Gamba, Lavagante, and Santola) in the Alentejo Basin off Cape Sao Vicente. Galp Energia, now the sole owner, is looking for partners to drill a first exploration well in 2015 on the Gamba prospect.

2013

Jun 2013: Porto Energy has announced that its partner, Galp, in the Aljubarrota-3 concession, onshore Portugal, has exercised its option to become operator. Galp paid the Company US$4.3 mm in back costs as well as their portion of drilling the ALC-1 well to earn 50% of the Company’s rights.

2012

Sep 2012: Porto Energy has approval of its Development and Production Plan for its onshore concessions. During an upcoming 5-year term, Porto will be executing a work program focused on commercialising the Lias resource play. At the end of 5 years the concessions may be converted into a 25 year production lease. Additionally Porto is relinquishing 7.5% of its offshore concession area and plans to obtain partners in an effort to explore the remainder of these assets.

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