“In the next two years, we are going to have as many units operating as in the last five years”, he said at a meeting with reporters in Lisbon to present the accounts for the first nine months of the year, adding that some of these platforms are being built in Brazil, South Korea and Thailand.
Apart from the new FPSO platforms- used to extract oil from the sea bed -, Galp is also boosting its installed capacity to reach 100,000 barrels a day in 2017, underlining the “sound execution of development projects” in Brazil and Angola.
As far as Angola and Mozambique are concerned, the chairman said, the operations were “progressing cautiously”.
In related news, nine-month profits at Galp fell 26 percent, year on year, to €361 million, the company said.
In a statement filed with the Portuguese Securities Market Commission (CMVM), the oil company said its International Financial Reporting Standards (IFRS) net profit was €99 million (-15 percent year on year), including a stock effect of €47 million and non-recurring events of €215 million.
According to the statement EBITDA (earnings before interest, tax, depreciation and amortisation) in the first nine months of the year fell 17 percent to €1.015 billion, compared to the first nine months of 2015.
Sales of natural gas in the period totalled 3,454 Mm³, a downturn of 15 percent year on year, mainly due to “a drop in volumes sold on international markets,” the company said.
In the period Galp invested a total of €874 million, 88 percent of which was in Exploration and Production (E&P) projects.