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.




Have a news tip? Share it with Rigzone!


Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at
 -  CIMC Raffles Holds Naming Ceremony for... (Nov 26)
 -  Malaysia's Icon Offshore Receives $12.... (Nov 25)
 -  Bowleven 'Pleased' with Moambe Flow Te... (Nov 25)
 -  BG: QCLNG Train 2 Commercial Operation... (Nov 25)
 -  Rosneft Posts YOY Income Decrease (Nov 25)

Most Popular Articles

From the Career Center
Jobs that may interest you
Chartering Manager
Expertise: Business Development|Logistics Management|Sales
Location: Texas, TX
Key Account Executive
Expertise: Business Development|Sales
Location: Texas, TX
Expertise: Accounting
Location: New York, NY
search for more jobs

Brent Crude Oil : $46.17/BBL 0.10%
Light Crude Oil : $43.04/BBL 0.39%
Natural Gas : $2.21/MMBtu 0.45%
Updated in last 24 hours