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Publicação
GALP Energia S.A. equity research
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| 1.29 MB | Adobe PDF |
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Orientador(es)
Resumo(s)
GALP is an important global player in the oil and gas sector. Among other things, the intended expansion into the Spanish gas and retail market with aligned huge growth potential will be a further value enhancement for GALP. Future projected capital expenditures
(CAPEX) for G&P, totaling €1.0bn until 2012, are applied for an enlarged distribution network, cogeneration and CCGT plants and a change to eco-friendly power generation (e.g. construction/ participation in wind farms and hydropower). One of the most important evolutions in the E&P segment are enormous approved oil reserves in the Santos Basin, with the Tupi, Iara and Jupiter fields (300km south-east of Rio
de Janeiro). GALP’s 9% stake (Santos Basin) can enhance its certified oil reserves to approximately 1.3bn barrels.
In the R&M business GALP strengthened its market presence in Portugal and Spain via new acquisitions (Agip service stations in September 2008). GALP is now among the 3 largest fuel retailer in Spain. Total refined product sales amounted to 16,0mn tonnes (2007) and could reach 15,5mn tonnes (2008). With the aid of a 5-year investment plan and a comprised conversion project, GALP seeks to improve production levels and the quality of oil products in its refineries until 2012. In the R&M sector required CAPEX will ascend to a total of €2.8bn in the next 5 years. GALP’s shareholder structure should disclose no decisive changes until 2010, as a special
shareholder agreement remains unchanged, detaining ENI, Amorim and Caixa Geral de Depositos from modifying their stakes in GALP until the year 2010. GALP’s largest shareholders ENI and Amorim will maintain their interest of 33,34%, respectively.
Descrição
A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the Faculdade de Economia da Universidade Nova de Lisboa