Galp increases production by 15%

February 13, 2019

Average of the company was 107 thousand bopd in 2018, boosted by the development of the Lula field

Galp’s total oil and gas production increased 15% in 2018, boosted by Brazil and Angola. The average annual production value was 107 thousand bopd.

In Brazil, the increase was due to the development of the Lula field with the P-66 ramp-up and the start of production of the P-69 in the Lula Extremo Sul area. Kaombo in block 32.

The Lula field is operated by Petrobras (65%) in partnership with Shell (25%) and Galp (10%).

Financial results

Galp’s net income increased 23% in 2018. They were 707 million euros last year, compared to 577 million euros in 2017.

The company’s investment was 899 million euros in 2018, 5% less than in 2017. Of this total, 103 million euros went to acquisitions of assets in Brazil.

Last year, the company acquired the Uirapuru area in the Santos Basin (Petrobras 30%, Equinor 28%, ExxonMobil 28% and Galp 14%) and block CM-791 in the Campos Basin (Shell 40%, Chevron 40% and Galp 20%). Galp also acquired the shares in Carcará (14%) and Norte de Carcará (20%) in 2018.

Of the total investments, 70% went to E & P. Of these, 65% are destined for development and production activities in Brazil and Angola.

Galp Energia has participated in 26 projects in Brazil, in the Santos basins (pre-salt), Potiguar, Pernambuco-Paraíba, Sergipe-Alagoas, Barreirinhas and Parnaíba. In some onshore areas the company is an operator.

Source: BE Petroleum

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