Aiming high: Galp Energia sees Venezuela as an attractive investment proposition
Galp raises the stakes
Galp Energia is homing in on major investments in Venezuela as part of an expansion strategy including new upstream opportunities in Portugal, Brazil, Angola, Mozambique and East Timor.
The Portuguese oil company is poised to take a 15% stake in the first two liquefaction trains on a major industrial complex on the Paria peninsula, with liquefied natural gas production slated to begin in 2013.
The two LNG trains will have capacity to produce close to 15 billion cubic metres per annum, of which Galp's offtake is set at 2 bcm, according to Galp chief executive officer Manuel Ferreira de Oliveira.
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