Galp produces more oil in Q3. Refining and gas sales fall

Galp Energia’s oil production accelerated in the third quarter of the year. The company’s preliminary data published this Tuesday in the Portuguese Securities Market Commission (CMVM) reveal that 124,000 barrels per day were produced, an increase of 21% compared to the same period of the previous year. Worse was the performance of the refining and distribution area, as well as of gas, where there were drops.

Preliminary data for the third quarter of the year show a rise in oil production in Angola from 7.4 thousand barrels per day in the same quarter to 12.7 thousand barrels per day, an increase of 72%.

In refining and distribution, there was a fall of 26% in processed raw materials and 33% in margins, compared to the same period last year, although there was an increase in margins of around 28% compared to the second quarter. Sales of refined products fell by 13% in relation to the same period of the previous year.

The refining losses are justified by Galp with the fact that in the third quarter of this year “planned maintenance operations” took place at the Sines refinery, which focused on the atmospheric distillation unit. Also noteworthy is the implementation of energy efficiency projects in key units of that refinery under the “+$1/boe” initiatives. “Additionally, in September, there were operational restrictions that resulted in lower use of the conversion units of the Sines refinery”, says the oil company.

Total sales of natural or liquefied gas fell by 11%, while sales to direct customers fell by 6%. Sales in the international market (“trading”) slipped 18% compared to the same period last year.