Eni has entered Portugal’s upstream oil and gas sector after finalizing an agreement with Petrogal, a subsidiary of Galp Energia, according to a news release.
As part of the agreement, Eni will acquire a 70% stake and operatorship of the Gamba, Santola and Lavagante permits. The agreement will guarantee exploration rights for an unexplored area of 9,100 sq km (3,514 sq miles) offshore Portugal, the release said.
The exploration permits were awarded to Petrogal in 2007 by the Portuguese State.
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