Galp Delivers Results Ahead of Expectations

Portuguese independent oil and gas company Galp Energia delivered 2014 results that were ahead of expectations Monday, with the firm's Brazilian operations contributing more than 75 percent of its production.

Galp's adjusted EBITDA (operating profit) at EUR 399 million ($450 million) was 11 percent ahead of expectations, which London-based investment bank Jefferies said was driven by strong activity in the firm's downstream operations.

On the upstream side, Galp's Brazilian operation contributed 25,000 barrels of oil equivalent per day – accounting for more than 75 percent of the firm's total net production of 33,000 boepd. The company's Iracema South FPSO achieved first oil in October 2014 and delivered gross production from two producer wells and one gas injector of 65,000 boepd at the beginning of 2015.

Jefferies noted that there was very little information provided by Galp on its outlook in the results, but that a second appraisal well at Carcara, offshore Brazil, is underway with testing planned for the second half of this year. Meanwhile, the declaration of commerciality at Iara (in which Galp has a seven-percent stake) was submitted in December and the Santos pre-salt development schedule "remains on track" with FPSO Cidade de Itagui still expected to achieve first oil at Iracema North during the fourth quarter of this year.

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