Galp’s production increases 3% on the 2nd trimester of 2019

  • ECO News
  • 15 July 2019

Galp Energy increased 3% its oil daily average production to a total of 109,700 barrels per day during the second trimester of this year.

Galp Energy increased 3% its oil daily average production to a total of 109,700 barrels per day during the second trimester of this year. The evolution described by the company on a preliminary report was published this Monday at the Portuguese Securities Market Authority’s website.

Despite the evolution being positive, the production variation between April and June represents a deceleration relative to the growth of 8% that Galp registered on the first trimester of the year.

The preliminary data of this second trimester also note an increase of 8,700 barrels/day in Angola’s production to 12,100 barrels/day, which is an increase of 40% explained by the start-up of two floating production units in Kaombo’s project.

Also, the gross production of raw material, especially oil, including all the incurred cost of these operations, as measured in the “working interest” indicator, registered an increase of 3% relative to the second trimester of 2018, reaching 111,700 barrels produced per day.

Oil refining and distribution registered a decrease of 10% in materials processing as the sales of refined products fell 4% relative to last year’s same period.

Natural gas total sales remained unchanged as the sales to direct clients increased by 6%. International trading, though, slid about 10% relative to the same period of last year and 16% in sales between January and March.

The preliminary data now revealed aim to provide an estimation of both operational and commercial macroeconomic conditions that influenced Galp’s performance over this second trimester. However, the company stressed the provisional nature of the preliminary data made available as that information, still subject to changes, might differ from the results to be presented on the 29th of July.