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    Galp will invest over five billion in Brazil


    September 28, 2022 - CE Noticias Financieras

     

      Galp announced that it will invest five billion dollars (5.2 billion euros) in Brazil over the next 10 to 15 years.

      The aim is to continue to invest in oil production, but also in renewable energy, according to Galp's CEO in an interview with "Bloomberg".

      The company has a 'pipeline' of projects with a capacity of 5.4 gigawatts in wind and solar power plants. One of the objectives is to build solar plants in the nine states with the highest solar irradiation in the country - also known as the 'solar belt'.

      "Galp's strength is the strength of its portfolio of assets, of which the crown jewel is Brazil. Our goal is to be increasingly present in renewables," Andy Brown told the financial agency.

      Most of Galp's oil and natural gas production (more than 90%) comes from Brazil. The company has been present in exploration in the Brazilian pre-salt since the beginning, together with Petrobras, a partnership it maintains in the Tupi, Atapu, and Sépia fields. In the Bacalhau field, it operates together with Norway's Equinor, with production to start at the end of 2024.

      The manager pointed out in the interview that the lack of investment in oil and natural gas production in recent years has contributed to the current lack of supply in world markets.

      After the invasion of Ukraine, the European Union is trying to find new suppliers to escape dependence on Russia.

      "As an industry, we have been encouraged not to spend money on oil and gas because [the sector] has been somewhat demonized. All the big European oil companies are doing the same, spending less on developing oil resources," Brown said.

      Galp has been investing about a billion euros a year. In terms of targets, it hopes to reach four gigawatts of renewables by 2025, up from 1.2 gigawatts today.

      The manager said he recently traveled to Nigeria, where problems have constrained natural gas supplies. The trip was aimed at getting assurances from the authorities that Portugal would get enough gas for the coming winter. About half of the gas consumed in Portugal comes from Nigeria.

      The president of the energy company argues that Europe will not be able to survive the next winter based on stored gas alone, and it is necessary to maintain the flow of gas from suppliers. "We are seeing in Europe a lot of businesses closing down. Most of the fertilizer production is currently closed," he indicated.

      Galp is currently down 1.17% on the Lisbon stock exchange to E9.44. The stock appreciated more than 3% in the space of a year.

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