Petrobras Sees Recovery Triggered by Portuguese Company.

Petrobras Recovers Driven by Portuguese Company Galp, Which Plans to Invest Heavily in Brazil by 2020.

Petrobras has a recovery sparked by the billion-dollar investment from the Portuguese company Galp in Brazil. Galp intends to invest around 1 billion euros in the country by 2020. This confirmation came after acquiring 3% in the Carcará block in the Santos basin. With a significant presence in Brazil’s Northeast, Galp has been consolidating its position in the Brazilian market despite not yet having the same level of participation as the state-owned Petrobras in the country.

An auction held by the National Agency of Petroleum, Natural Gas, and Biofuels (ANP) secured Galp’s participation in the Uirapuru block, obtaining a 14% stake. With a sense of confidence in the exploratory market, Galp has made investments in the “millions” with returns expected from Carcará and Uirapuru. The area to be explored by the Portuguese company has great potential, and with the partnership of other companies, Galp offered an oil surplus to the Federal Government in the form of profit.

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