PORTUGAL: Galp Finds Oil at Two Wells in Block 32 Off Angola

by Jeffrey T. Lewis

Galp Energia SGPS SA, Portugal's biggest oil company, said it and its partners discovered oil in two new wells in block 32 off the coast of Angola.

One of the wells, called Manjericao-1, found oil reserves ``with good quality'' at a depth of 1,977 meters (1.2 miles), the Lisbon-based company said today in a regulatory filing. The other well, Caril-1, tested at a rate of 6,300 barrels of oil per day.

Galp owns 5 percent of the wells. Total SA of France, the operator, and Marathon Oil Corp. of the U.S. each own 30 percent. Sonangol owns 20 percent and Exxon Mobil Corp. 15 percent. The Manjericao well tested at more than 5,000 barrels per day, Total said in a separate statement. Caril is Portuguese for curry and manjericao is Portuguese for basil.