Galp will hold a 30% interest in the block, while Equinor takes the lead as the project operator with the remaining 70% stake. This division of labor mirrors their existing collaboration at the nearby Bacalhau field, allowing the companies to integrate exploration logistics and share infrastructure across the basin.
In section Market Quotes
Galp and Equinor Secure New Exploration Rights in Santos Basin
Deep beneath the Santos Basin, a new partnership between Portugal’s Galp Energia and Norway’s Equinor is taking shape. The two energy giants secured rights to the Rodocrosita block, a strategic offshore asset that strengthens their existing footprint in Brazilian waters and creates a direct link to ongoing regional production efforts.
The proximity to the Bacalhau project is the cornerstone of this deal. As output at Bacalhau continues to ramp up toward its plateau, Galp expects to draw approximately 40,000 barrels per day from that site. By bringing Rodocrosita into their portfolio, the companies aim to leverage operational synergies that could lower long-term development costs in one of the world's most active offshore oil provinces.
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