The Portuguese energy group Galp has released its 2022 results, posting a net income of US$881m (+93% compared to 2021). The company’s hydrocarbon production remained stable, at 127 kboe in 2022, with Brazil accounting for 91% of the total. Oil production slightly decreased to less 114 kboe/d, while gas production increased by 5% to 13 kboe/d.
Galp’s oil products supply rose by 7% to nearly 16 Mt. Natural gas and LNG supply and trading volumes fell by 19% to less than 55 TWh (27% fall in trading). Commercial sales to clients increased in 2022 (+14% for oil products to 7.4 Mt and +4M to 19 TWh for natural gas), while electricity sales dipped by 1% to 4.1 TWh. In addition, gross renewable power generation rose by 50% to 1.9 TWh.