Galp Talks with Bidders on Brazilian Stake

Portuguese oil and gas company Galp Energia is in talks with a shortlist of bidders for a stake in its Brazilian operations, according to a company official. Galp has been seeking to raise at least EUR2bn ($2.75bn) in Brazil and has sought to sell as much as 40% of its business in the South American country, which includes a participation in one of LatAm’s largest oil discoveries. Spokesman Tiago Villas-Boas says the company plans to settle on a buyer and conclude the transaction by the end of November. The financial details of the deal should be finalized before the year is out, he adds. The Galp official declined to say who the bidders involved are or if China Petroleum & Chemical is one of them. Galp in Brazil has stakes in oil wells located in the oil-rich Santos Basin, including the Lula find, considered the second-largest oil discovery in the region.