Galp Energia and PDVSA signs pact

Galp Energia and Petróleos de Venezuela, S.A. (PDVSA) have signed a memorandum of understanding to study the development of joint projects in the energy sector and the establishment of forms of cooperation between the two companies including the possibility to develop exploration, production and oil and gas procurement operations.

The agreement signed today provides for information and experience to be shared relating to the development of both countries’ energy sectors and for the exchange of specialists providing technical assistance for the execution of studies and projects in the energy sectors of Portugal, Venezuela or third countries.

The agreement also covers the identification of business opportunities allowing the Venezuelan company to strengthen its presence in Europe and to promote joint cooperation, thereby maximising synergies between the operations of PDVSA and other European oil companies.