Galp’s productivity boosts by 12%, last quarter 2018

  • ECO News
  • 28 January 2019

Galp's productivity increased by 12% year-on-year in the last quarter of 2018. The provisional data shows that the oil company produced a total of 113.1 thousand barrels per day, that quarter.

The values were published by the company on the Portuguese Markets Commission (CMVM) website, this Monday. The company’s productivity increased by 12% in comparison to the last quarter of 2017. 

The data released this Monday shows that the national oil company extracted around 113.1 thousand barrels of raw material during the last quarter of 2018, in gross terms. The increase was of 13% for oil extraction, reaching a total of 99.8 thousand barrels per day. 

One of the major contributors for this increase was the extraction of raw material in the Angolan soil, where production has bolstered by 71% during the last quarter of 2018, reaching a total of 8.9 thousand barrels per day. However, the extraction of raw material in Brazil was the most contributive for the leap forward in productivity for the company, with a 10% increase which accounted for a total of 102.9 thousand barrels per day. 

Despite the increase in production, the refining and distribution segments have witnessed slight drops, as Galp’s refinery activity decreased by 11%, and sales fell by 19% in this period.

Galp is expected to present the official results of the company’s performance in the last trimester of 2018 by 11 February, together with its short term performance outlook.