Galp Provides Interim 4Q Volumes
Portugal's oil and gas group Galp February 5 posted much higher provisional year-on-year 4Q upstream production volumes, but only slightly higher gas sales
In a trading update, it said net production increased by 19.9% to 99,100 barrels of oil equivalent, of which 93,900 boe/d in Brazil (up 23.9%) and 5,200 boe/d in Angola (down 24.2%); there was no volume provided for gas production.
Natural gas and LNG sales volume increased by 2% to 1.899 billion m3, of which sales to direct clients was 1.109bn m3 (up 5.9%) while traded volumes were 0.79bn m3 (down 2.9%).
The upstream total and gas/LNG sales total were respectively 7.2% and 10.7% higher relative to 3Q2017. Galp also said that oil and gas prices were roughly one-fifth to one-quarter higher in 4Q2017 than a year earlier.
The volumes and values are provisional, with final numbers - including it's expected upstream gas data -- due to be reported on February 20, Galp said.