(MENAFN) Italian oil company Eni and its Portuguese counterpart Galp Energia have signed a partnership agreement for oil prospecting off the coast of Alentejo in southern Portugal, QNA reported.
The Italian firm has a 70-percent stake in the project whilst the Portuguese company has the remaining 30 percent, the companies said in a statement.
The oil concession areas were granted by the Portuguese government in 2007 and cover a total of over 9,100 square kilometers. This will be the first time test drilling has been carried out off the coast of Portugal.
"Galp Energia ... has entered into a farm-down agreement with Eni, covering three offshore concession areas in Portugal according to which Eni acquires, on a promoted basis," Galp said in the statement.
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