Portugal Galp's 3Q Net Oil Output, Refining Volumes Rise

LISBON, Oct 14 (Reuters) – Portuguese energy company Galp's crude output jumped 12.5 percent in the third quarter from a year earlier and the amount of oil it processed rose almost 5 percent, the company said on Monday.

Its average "net entitlement" production – from overseas projects where it has stakes – rose to 21,900 barrels per day from a year ago, also increasing almost 13 percent from the previous quarter.

Galp has a 10 percent interest in Brazil's giant Lula/Tupi field and is a partner in other prolific Brazilian projects, while it also and operates in Angola and Mozambique.

Galp said sales of refined products to direct clients rose over 3 percent from a year earlier to 2.6 million tonnes as Portugal's economy showed its first signs of recovery in the quarter, while exports dipped about 1 percent to 800,000 tonnes.

The company refined a total of 22.3 million barrels at its two refineries in Portugal in July through September, up 4.8 percent from a year earlier and practically unchanged from the preceding quarter.

Galp's total natural gas sales surged 34 percent from a year ago to 1.97 billion cubic metres thanks to trading activity, while sales to direct clients shrank by 2.5 percent.

The company is set to report quarterly earnings on Oct. 28.

Its shares were up 0.5 percent at 12.52 euros in early trade, while the broader market in Lisbon that was up 1 percent.

(Reporting By Andrei Khalip; editing by Keiron Henderson)

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Brent Crude Oil : $49.3/BBL 0.80%
Light Crude Oil : $46.79/BBL 0.70%
Natural Gas : $3.04/MMBtu 0.97%
Updated in last 24 hours