Galp aims to increase oil and gas production in Brazil by 40%

Business Business: Portugal’s energy major Galp has said it aims to increase its oil and gas output in Brazil by about 40% over the next few years when the offshore field Bacalhau reaches its peak production.

Galp produces 110,000 barrels per day (boepd) of oil in Brazil through a 70%-30% joint venture with Chinese company Sinopec. Galp has a 20% stake in the Bacalhau field and a floating production, storage and offloading (FPSO) vessel arrived in February, carrying a capacity of 220,000 barrels per day.

Norwegian energy company Equinor, which holds a 40% stake in the field, expects the FPSO to start production in the third quarter.