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    GALP glides to profitability in Q1

Summary

Core earnings at GALP's upstream division climbed by 83% yr/yr to €803m in the first quarter.

by: Callum Cyrus

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GALP glides to profitability in Q1

Galp Energia secured a €155mn ($163.7mn) adjusted net profit in January to March, up from 26mn in the same period last year, the company said on May 3.

The Portuguese energy firm said core earnings at its upstream division had soared by 83% yr/yr, hitting €803mn in the quarter from €499mn one year previously.

Highlights in the period included an exploration probe at its ultra-deep water exploration play Jaca, situated offshore São Tomé and Príncipe, two small island communities off the coast of central Africa.

The probe in Sao Tome and Principe block 06 followed an extensive 3D seismic shoot by Galp and its partner Shell.

Elsewhere, Galp reached a final investment decision on building a green hydrogen electrolyser close to its flagship Portuguese refinery in Sines. The company is also expanding its clean energy purview overseas, having acquired renewable electricity assets with a combined 4,800 MW capacity in Brazil.