Galp Plans 'Intensive' Drilling Campaign for 2013

Portugal's Galp Energia reported Monday that it is planning an intensive exploration campaign for 2013. Several "high impact" wells are scheduled for the year, not only in mature, world-class basins but also in frontier areas, such as the Rovuma basin in Mozambique, the pre-salt Santos basin and the Potiguar basin in Brazil, said the company.

Reporting its results for the fourth quarter of last year, Galp said its net profit for 4Q 2012 increased by 10 percent year-on-year to EUR 83 million. The firm said that an improved performance from its exploration and production business segment, including increased oil and natural gas production in Brazil, contributed to this positive trend.

Galp added that, so far, during 1Q 2013 the firm's working-interest production should reach around 24,000 barrels of oil equivalent per day – which would be in line with 4Q 2012.

The company also said that it planned to expand and diversify its exploration portfolio to underexplored areas with relevant potential, such as Namibia and Morocco.

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