(AFX News) - "Galp Energia SGPS confirmed it is in talks with Petróleos de Venezuela (PDVSA) about developing joint projects in Venezuela in the oil and gas exploration and production area, in a filing requested by stock market regulator CMVM to clarify earlier press reports.

Galp added that, in accord with regulations and its own communication policy, it will inform the market of any 'material and concrete developments'. Related Products

Earlier, Lusa news agency had reported that Galp and state-owned oil company PDVSA are in talks to create a joint venture to supply oil to Portugal, citing Galp's chief executive, Manuel Ferreira de Oliveira.

Lusa had also cited Ferreira de Oliveira as saying the agreement is expected to be signed in October and that Galp would also like to be involved in exploration and production activities in Venezuela.

The chief executive said Galp is aiming for the American continent to serve a third of its energy needs, with Africa and the Middle East serving the other two thirds, Lusa reported".