Edition 1493
22 September 2018
Edition: 1493

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Galp’s 2017 profit up 25% to €602 m

by TPN/Lusa, in Business · 22-02-2018 14:22:00 · 0 Comments

Portuguese oil and gas company Galp Energia ended 2017 with an adjusted net profit of €602 million, a year-on-year increase of 25 percent compared to the €483 million posted in 2016, the company said on Tuesday.

In a statement to the market, Galp Energia said this increase of €120 million in net income was due to “an increase in oil and natural gas production in Brazil, together with the good performance of downstream activities in the main markets in which Galp operates.”
The group’s average annual production of oil and gas increased 38 percent to 93,400 barrels per day, driven by oil and gas production in the large reserves of the Brazilian pre-salt layer. In the final quarter of 2017, the company exceeded the 100,000 barrels per day mark, it said.
On Monday, Lusa News Agency reported that Galp had filed a license application for its first photovoltaic power plant in São Teotónio, Odemira municipality, in the south of Portugal, with a production capacity of 6 megawatts (MW).
This request for licensing is awaiting an opinion from the General Directorate of Energy and Geology (DGEG), but in the meantime, the Odemira local council unanimously approved the Project of Relevant Municipal Interest Statement for the creation of a Photovoltaic Power Plant in the area.

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Edition 1493
22 September 2018
Edition: 1493

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

Twitter

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