Portuguese oil and gas company Galp Energia SGPS SA ( GALP.LB) signed five energy agreements with Venezuelan state-owned oil company Petroleos de Venezuela SA, or PdVSA, Galp said late Tuesday in a regulatory filing.
The statement said the agreements position Venezuela 'as a relevant player in Galp Energia's internationalization plan in the exploration and production area, jointly with the operations under way in Angola and Brazil.'
Under the pact, Galp agrees to buy between 2 million and 4 million barrels of crude oil a year at market prices.
In the natural gas area, Galp is to participate with a 15% stake in two consortia. One is the Mariscal Sucre natural gas project and the other is a liquefied natural gas terminal that PdVSA plans to build at the Gran Mariscal Ayacucho Industrial complex.
Tuesday, May 13, 2008
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