Galp Energia has released its fourth quarter of 2016 results. The Group's EBITDA amounted to €1.4bn in 2016. Galp Energia invested €1.2m in 2016 and 85% of its CAPEX have been allocated to the Exploration & Production business and in particular in Brazil.
The development works on the Lula/Iracema field went on and the production could ramp up during the last quarter of 2016. In Mozambique, the Group approved the investment in the Coral South area. The project FID is still pending and requires the approval of the remaining partners in the consortium. In Angloa, the drilling campaign continues and two new FPSO units will be allocated to the Kaombo area.
The Refining & Marketing branch of the Group processed 107.9 mboe of raw materials, a decrease of 4% year-on-year and gasoline accounted for 23% of the production.
The volumes sold by the Gas & Power branch decreased 10% year-on-year to 1,861 mcm. The group sold 7.1 bcm of gas and LNG during the year.