October 22, 2019 / 9:15 AM / 10 months ago

Galp ups investment plan, seeks more renewable energy, natgas

LISBON, Oct 22 (Reuters) - Portugal’s oil company Galp Energia on Tuesday earmarked between 1 billion euros ($1.11 billion) and 1.2 billion euros in annual investment until 2022 in an increase from up to 1 billion under a previous plan, seeking to expand its natural gas and renewable energy business.

Galp said in a statement it would invest 10-15% of the total in new renewable businesses, while its investment in oil and gas exploration and production will remain focused on developing its various world-class projects, such as the sub-salt areas off Brazil’s coast.

“Over 40% of our long-term investments are aimed at capturing opportunities within the energy transition context. This includes increasing the weight of natural gas in our production mix and developing a competitive renewable power generation business,” it said.

Galp, which is mainly an oil refiner, has stakes in various large oil fields off Brazil’s coast and has been building up its oil and gas production.

It also posted a sharp drop in its third-quarter net profit to 131 million euros from 212 million a year earlier due to a decline in refining margins even as its oil output rose over 20%. It expected fourth-quarter production to keep rising as various platforms are ramping up output. ($1 = 0.8978 euros) (Reporting by Andrei Khalip, Editing by Catarina Demony)

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