Galp, Petrobras Discover Evidence of Oil in Onshore Sergipe Well

Galp Energia SGPS SA (GALP), Portugal’s biggest oil company, and Petroleo Brasileiro SA (PETR4) found evidence of oil in an onshore well in Brazil’s Sergipe basin.

The discovery was made at well 3GALP43SE in the SEAL-T-429 block, the National Petroleum Agency said on its website. The companies haven’t determined whether the find can be developed commercially. Lisbon-based Galp and Petrobras, based in Rio de Janeiro, each own 50 percent of the concession.

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