In a statement sent to the Portuguese Stock Market Regulator (CMVM), the oil company said that its ‘replacement cost’ earnings, which assess the market cost according to the average value of the raw materials in the sales month and exclude extraordinary events, increased to €490 million in the first nine months of 2015.
The Portuguese oil company said the results were because of “an improvement in the Refinery and Distribution business” and the “increase in oil production”.
In related news, Galp Energia has revealed it exceeded the daily production target of 50,000 barrels per day, driven primarily by the spike in output from Brazil, Carlos Gomes da Silva, Galp Executive President, told journalists on Monday.
“This last quarter contained historical symbolism for the company. Throughout much time, we talked about the objective of reaching 30,000 barrels daily and now we have reached the landmark target of 50,000 barrels per day,” said Gomes da Silva.
Galp would also be ramping up production in the years to come within the scope of the objective of reaching “100,000 barrels per day in 2017”, with rising levels of production in both Angola and Mozambique but with “the gross of the increase coming from Brazil.”
Brazil saw two new wells come on stream over the third quarter of this year with the 10 percent stake held in the offshore, deep water extraction now providing a 39,500 strong flow of daily production boosted to 40,000 barrels by Galp’s onshore operations.
The further 10,000 barrels come from offshore operations in Angola where the company holds a nine percent stake in the block 14 field.