September 27, 2018 / 11:31 PM / 3 months ago

Petrogal to invest up to $1 bln per year in Brazil -CEO

RIO DE JANEIRO, Sept 27 (Reuters) - Petrogal, the Brazilian unit of Portugal’s Galp, plans to spend $800 million to $1 billion annually in the coming years in Brazil to develop its current assets and boost its stake offshore, its chief executive officer said on Thursday.

Miguel Pereira said the company wants to expand its presence in Brazil’s offshore pre-salt areas, where billions of barrels of oil are trapped under a thick layer of salt, especially in the Campos and Santos basins. (Reporting by Alexandra Alper; Editing by Sandra Maler)

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