Portugal Galp ups investment plan slightly to support output growth
LISBON, March 4 (Reuters) - Portuguese oil company Galp Energia GALP.LS slightly raised its investment outlook for the next few years on Tuesday to support its ambitious production growth plan until 2020 from projects in Brazil and Africa.
Galp expects to increase its output at an average compound growth rate of 40 percent until 2020, when production should reach 300,000 barrels per day.
Galp put annual estimated capital expenditure until 2018 at between 1.5 billion euros ($2.1 billion) and 1.7 billion euros, up from 1.4 billion to 1.6 billion euros under its previous plan for 2013-2017. It expects to invest between 1.3 billion and 1.5 billion euros this year.
The company said it expected core earnings (EBITDA) compound annual growth rate until 2018 to be above 25 percent.
($1 = 0.7260 euros) (Reporting By Andrei Khalip)
© Thomson Reuters 2016 All rights reserved.