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Angolan Concession Tenders Postponed For Six Months

03-22-2008

Galp Energia SGPS' growth strategy for E&P is set to suffer a delay after the Angolan government postponed the concession tenders for ten oil blocks until after parliamentary elections in September.

Galp had already been short-listed for the tenders, which were due to be completed this month.

Galp's management has high expectations of winning the tenders, for three on-shore blocks and seven off-shores ones, especially as Galp shareholder and Angolan state oil company Sonangol is committed to helping Galp in Africa.

Sonangol has a 45 pct stake in Amorim Energia, which controls 33.34 pct of Galp.