Edition 1453
09 December 2017
Edition: 1453

Read this week's issue online exactly as it appears in print.

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Galp gives up three Peniche oil drilling blocks

by TPN/ Lusa, in Business · 03-08-2017 14:31:00 · 0 Comments

Galp Energia has decided not to push ahead with oil exploration in three of the four concessions it owned in the Peniche basin, leading the company to record a €22 million impairment in the accounts for the first half of the year.

Galp gives up three Peniche oil drilling blocks

“We decided to return the concessions for three areas before drilling started, Carlos Gomes da Silva said, adding that the decision was based on geological findings.
The company did not disclose which of the three sites it had relinquished.
This comes shortly after Galp Energia revealed that it had posted an adjusted net profit of €250 million for the first six months of the year. This figure was up by €3 million (1 percent) compared to the same period of last year, the company said this week.
According to the company, based on International Financial Reporting Standards (IFRS), net profit totalled €243 million.
Total oil and natural gas production grew by 60 percent to 88,900 barrels per day, compared to 55,500 barrels per day in the same period of 2016.
Sales of oil products to direct customers remained at 4.4 million tonnes and sales of natural gas increased to 3.733 million cubic metres, reflecting the growth in volumes sold to direct customers, “despite the smaller trading opportunities,” according to a company statement.
Investment totalled €411 million – 89 percent was applied to exploration and production projects - a decrease of 35 percent over the same period of the previous year.

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Edition 1453
09 December 2017
Edition: 1453

Read this week's issue online exactly as it appears in print.

Twitter