Galp's Upstream Business Hit by Fall in Oil Price

Portugal's Galp Energia reported Monday that its exploration and production business segment was negatively affected by the fall in oil prices during the first quarter.

Reporting its results for 1Q 2015, Galp said that its working-interest production increased 48 percent year-on-year to 41,500 barrels of oil equivalent per day thanks, in part, to an incremental contribution from FPSO No.2 vessel (Cidade Paraty) and the increase of production from its FPSO No.3 vessel (Cidade Mangaratiba). FPSO No.3, producing from the Lula/Iracema fields in Brazilian offshore block BM-S-11 achieved production of approximately 100,000 barrels of oil per day by the end of the first quarter. FPSOs No.1 and No.2 continued to operate at full capacity during the quarter.

However, in spite of the increased production, the EBITDA operating profit from the exploration and production segment fell to EUR 94 million ($102 million) during 1Q 2015 from EUR 104 million ($113 million) in 1Q 2014.

Galp's overall profit at the EBIT level came in at EUR 250 million ($273 million), compared to EUR 130 million ($142 million) in 1Q 2014, thanks to a strong performance from its refining and marketing business segment.

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