LISBON: Portuguese oil company Galp Energia may sell up to a third of its Brazilian assets worth 3 billion euros ($4.2 billion) to finance itself, Jornal de Negocios newspaper reported on Thursday. The newspaper said chief executive Manuel Ferreira de Oliveira voiced the idea at a board meeting last week.
Galp has minority stakes in various large Brazilian oil finds and prospects, including a 10 percent stake in the giant subsalt Tupi reserve.
Analysts have long had doubts, Galp largely a refiner and a newcomer to the world of big oil, will be able to finance its part of the expensive projects in Brazil and have said it may sell parts of its stakes or full stakes in some fields.
Galp will hold a capital markets Day for investors and analysts on Monday in Rio de Janeiro, where the company was expected to present an updated investment plan for 2011-15, when it will need an estimated 5 billion euros.
Galp shares were 0.7 percent lower at 14.9 euros in early trading, in line with the broader market in Lisbon.
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