Galp Enjoys Higher 3Q Volumes, Prices
Portugal’s main oil and gas firm Galp has reported increased volumes in 3Q2018.
In a trading update October 15, ahead of its 3Q financial results on October 29, Galp said its net production was up 11% year-on-year at 102,300 barrels of oil equivalent per day (boe/d), of which Brazil was up 9% at 94,900 boe/d and Angola up 31% at 7,400 boe/d. Compared with 2Q2018, its overall net production was 4% lower.
Galp's gas sales volumes in 3Q2018 were up 18% year-on-year at 2.02bn m3, with sales to direct customers up 13% at 1.2bn m3 and traded volumes up 26% at 0.82bn m3.
Galp added that average prices had increased strongly year-on-year, with Brent crude oil up 44% in 3Q, LNG into Japan/Korea up 71%, the Dutch TTF gas price up 52% and the Iberian Mibgas price up 58% - the latter averaging €26.9/MWh gas ($9.10/mn Btu) in 3Q2018.