Galp Energia ramps up output by 36%

Looking up in Lisbon: Galp Energia reports rise in quarterly production

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Bill Lehane

 21 January 2013 12:25 GMT

Portugal’s Galp Energia has reported a 36% rise year-on-year in quarterly net entitlement production as overseas minority stakes in areas like Brazil bore fruit.

The Portuguese exploration and refining outfit said that its net entitlement production ran to 17,700 barrels of oil equivalent (boe) per day on average, a rise of 36% on the last three months of 2011 although a 9.5% decrease on the third quarter.

Galp’s upstream interests include a 10% slice of Petrobras’ giant Lula/Tupi field as well as partnerships in other prolific Brazilian projects.

It holds stakes in more than 40 exploration projects altogether, including high-profile assets in Angola and Mozambique such as Chevron's deep-water Block 14 off Angola.

Last month, the Portuguese explorer gained a 50% stake in…

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