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Galp prepares for upcoming oil auctions in Brazil

Galp is studying the upcoming auctions for the attribution of oil exploration areas in Brazil. By 2019, there will be nine auctions in Brazil with the next bids in September and October this year.

“We are preparing for the next bids in Brazil,” Galp’s chief executive said Monday in a meeting with analysts.

“We now have a strong position and we are looking at the opportunities that exist in the market, especially in Brazil, and we are looking at several opportunities, not just this year but in the next few years,” said Carlos Gomes da Silva.

The manager stressed, however, that the Portuguese oil company is looking for assets that create value for the company, not being interested in assets whose production is already in decline. At the same time, the company does not want to risk and will only bid assets that allow it to maintain its “financial discipline”.

Brazil currently accounts for more than 92.5% (82 thousand barrels per day) of Galp’s total oil and gas production, with Angola (6.2 thousand barrels per day), the remaining 7.5%.

The company has been a privileged partner of Petrobras, with partnerships established for oil exploration in 26 projects in Brazil.

Galp noted that its six FPSOs, are currently producing at their maximum level. However, production in the second half was affected by maintenance activity.

It was also in the second half of the year that the seventh FPSO went into production in the Lula Sul field, and is currently producing more than 25,000 barrels per day.

Galp reported its 2017 second quarter results on Monday, with profits of 250 million euros, up 1% from the 247 million obtained in the same half of 2016.

Categories: Uncategorized

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