Galp Output Rises in 1Q
Portuguese oil and gas group Galp issued preliminary data April 13, ahead of its 1Q financial results on April 27.
Its 1Q2018 net upstream production was 19% higher year on year at 102,600 barrels of oil equivalent. That included a 22% increase in its Brazilian output to 97,100 boe/d, but a 19% decline in Angola to 5,600 boe/d. Overall production was 4% lower than its 4Q2017 total of 99,100 boe/d.
Its average working interest production in 1Q2018 was 18% higher year on year at 104,100 boe/d, of which 91,600 b/d was oil, with the rest gas.
Galp's gas sales fell by 2% year on year to 1.975bn m3 in 1Q2018 (after just topping 2bn m3 in 1Q2017) with sales to direct clients making up 1.225bn m3, up 7%, and traded volumes 0.75bn m3, down 13%.
Revenues look set to be higher, as average 1Q2018 prices were higher year on year: by 24% for Brent, 19% for UK NBP gas, and 35% for Japan/Korea LNG. Only Henry Hub gas was lower by 7% at $2.80/mn Btu.