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Galp pares back upstream production targets on Brazil delays



By Gawoon Philip Vahn, Gianluca Baratti / Platts

Petroleumworld 02 11 2019

Galp, Portugal's largest oil and gas company, has pared back its forecast for upstream volume for the next two years on late start ups in two of its Brazil offshore units, the company said Monday.

The company sees overall upstream working interest production from its existing portfolio growing 8%-12% in 2019, from 107,000 b/d of oil equivalent in 2018. This misses the total under Galp's previous plan, as it has had to adjust output from the Lula and Iara fields due to the later startup of the P67 and P68 units.

For 2020, the company estimates upstream production to grow at a compound average growth rate of 12%-16% compared to 2018, again falling short of its previous target of around 17%, which would take output to 150,000 boe/d by 2020.

The company's 2018 annual production growth of 15% was already at the low end of its forecast.

However, beyond 2020, increased production in Brazil and new production in Mozambique should start to make a greater impact. The company expects to beat the targets from its previous plan by 2025 and post a compound annual growth rate of more than 10% through to 2030, using a reference of $25/b net present breakeven value.

The company said it boosted proven and probable reserves, including best estimate of contingent resources, to 2.4 billion boe in 2018, up 15%. This was aided by upwards revisions in Brazil and Mozambique, the securing of a 20% stake in Carcara, Brazil, and accessing new high potential prospective pre-salt blocks at Uirapuru and CM 791.

The company sees its refining margin rising to $5-6/b in 2019 and to $6-7/b in 2020, from $5/b in 2018.



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Story by Herman Wang; Eklavya Gupte; Edited by James Burgess from Platts / SPGlobal.

02 11

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