Portuguese energy company Galp Energia (GALP.LB) said late Sunday it signed a memorandum of understanding with Libya Africa Investment Portfolio to create a joint venture over the possible development of oil and natural gas exploration and production projects in Libya.
The company release didn't offer further details.
Earlier this week, press reports suggested that Galp executives were going to meet with Libyan government leader, Moammar Gadhafi, during an EU-Africa summit held over the weekend in Lisbon, to discuss possible exploration and production operations in the North African country.