Global Oil & Gas: Galp Energia to start drilling exploration well offshore Portugal

Portuguese oil company Galp Energia is set to start drilling the country’s first deep water offshore exploration well but with only modest hopes of success, its exploration and production director said on Monday.

The project, being developed by a consortium of Galp and Italy’s ENI off the Alentejo region’s Vicentine coast, known for its beaches and large natural park, has led to protests by environmental activists and local municipalities.

Thore Kristiansen told Reuters on the fringes of a petroleum engineering event in Lisbon the seismic data shots made the project look ‘interesting enough so that we at least have to try’, even if turns out dry. He said the partners were ‘calibrating’ the project to meet various conditions set by the Portuguese Environmental Agency in May, but did not expect any delays before the drilling is due to begin in September. source: Reuters