Galp obtained an increase in oil production by 57% in March compared with the same period of 2014 but, in financial terms, was little impact because also the price of crude oil prices fell 50% in the same periods.
In a statement sent to the Portuguese Securities Market Commission (CMVM), Galp reveals that ended the first quarter with a net production (‘net entitlement’) of 38,700 barrels of oil per day when in the same period last year produced 24,600 barrels.
This increase in production was due to, according to the company, to the taking into Braisl in the third quarter of last year a floating additional production, FPSO Cidade de Mangalore, in the Brazilian pre-salt, which also Paraty FPSO City reached its maximum production capacity during the same period.
However, despite increased production, in terms of revenue, the impact was reduced because the average price of Brent oil, the index of most interest to Galp, fell more than 50%. The average price between January and March this year was 53.9 dollars per barrel, while in the same period last year reached $ 105.2.
Despite the drop in Brent, this was highly offset by refining margins that exceeded five dollars a barrel, a value that no longer are watching and which contrasts with the negative margin found in the same quarter.
Galp Energia recorded a good performance in volumes of processed raw materials, with increases of 34.1%, and sale of refined products (over 19.7%), taking advantage of improving European refining margins.
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