Oil production in Angola increased 50%

Galp increased its oil production in Angola by 50% in the fourth quarter of 2019 compared to the same period last year. Contributing to this increase is the increase in production of units operating in block 32, the Portuguese oil company said.

Per day, Galp produced a total of 135 thousand barrels in the fourth quarter, 21% more than the same period last year. The majority of production (90%) originated in Brazil, which produced a total of almost 122 thousand barrels per day, a year-on-year increase of 18%. Angola was responsible for producing the remaining 10%, with 13,300 barrels per day.

The increase in production in Brazil was due to the increased production of the platform vessel allocated to the Lula Norte area, “with the 4th production well connected during the quarter, and the start of production at the unit allocated to
Cockle-Sururu in November. There were no relevant maintenance works during the period, with the remaining units in Brazil producing close to plateau levels ”.

In terms of refining and distribution, processed raw materials rose 38% in the quarter compared to 2018, as “comparable periods were impacted by planned maintenance work and operational restrictions”.

In terms of refining and distribution, processed raw materials rose 38% in the quarter compared to 2018, as “comparable periods were impacted by planned maintenance work and operational restrictions”.

At the same time, the refining margin fell 24% to $ 3.3 a barrel. Sales of refined products rose 18%, while sales to direct customers decreased by 5%.