The Portuguese energy group Galp has released its 2023 results, posting a 14% increase in its net income to US$1bn. The company’s total hydrocarbon production decreased slightly, at 122 kboe in 2023 (-4%), with Brazil accounting for 94% of the total. Oil production decreased by 10% to less 102 kb/d, while gas production soared by 54% to over 20 kboe/d.
Galp’s oil products supply decreased by 6% to around 15 Mt. Natural gas and LNG supply and trading volumes fell by 15% to 46.5 TWh (21% fall in trading). Commercial sales to clients declined in 2023 (-4% for oil products to 7.1 Mt and -28% to less than 14 TWh for natural gas), while electricity sales remained stable at 4.1 TWh. In addition, renewable energy power generation amounted to 2.34 TWh in 2023, a 44% increase compared to 2022.
Galp invested over €1bn in capital expenditures in 2023 (-17%, due to lower investments in renewables (-65%) and upstream (-12%), and plans to invest around €1bn in 2024.