Investment by Portuguese company Galp Energia will double production in Angola

6 August 2009

Lisbon, Portugal, 6 Aug – The Tômbua –Lândana project in Angola, is to begin in September, promised Galp Energia’s chairman on Wednesday in Lisbon.

With this investment of 2.6 billion Euros, Galp Energia would double its production in Angola, said Ferreira de Oliveira at the presentation of the company’s first half results.

In the first six months of the year, Galp Energia’s profits fell 52.7 percent to 101 million Euros compared to 214 million Euros for the same period last year.

The company justified the fall in profits with the lower operational results across all business areas despite the greater contribution from its associated companies.

In the first quarter, according to the energy company, production fell 9.1 percent to 13,300 barrels per day, “due to maintenance work and production cuts in OPEC countries.”

Direct sales were up 21 percent to 5.6 million tonnes, thanks to the purchase of Agip and Exxonmobil in Spain. (macauhub)