Portugal

Galp Energia, a Portuguese company, announced on Monday that its second-quarter adjusted core profit was better than expected with a 1% decline. This was due to higher oil production and more profitable trading of gas nearly offsetting falling crude prices and a narrowing refining margin. The company's consensus was for a drop in adjusted earnings before interest, tax, depreciation, and amortization (EBITDA), which dropped to 840 millions euros (977.76 million dollars). Galp's main business is the extraction of crude oil from rich offshore Brazil fields. Its share of oil production and gas from its projects increased by 6% in the...

Portugal's acting energy minister said that it wants the European energy regulators, ACER, to conduct an independent investigation to determine the cause of the massive power outage which brought Spain and Portugal almost to a standstill in the last month. Maria da Graca Carvalho stated that Prime Minister Luis Montenegro wanted an independent investigation conducted by the European Agency for the Cooperation of Energy Regulators in order to supplement the technical report prepared by the European Network of Transmission System Operators ENTSO-E. Carvalho, in response to questions, said that "ACER is a suitable entity for coordinating any external evaluation process....

Artificial intelligence bulls are dusting off an old economic theory that dates back 160 years to explain why stocks in the sector may still have more to offer, despite China's new cheap AI model DeepSeek. The tech stocks fell on January 27th after DeepSeek was launched. DeepSeek, which costs a fraction of the rival AI models but requires less sophisticated chips and is cheaper than the other AI models, raised concerns about the West's massive investments in data centres and chipmakers. The biggest one-day decline in market capitalisation of any company in history was caused by the U.S. advanced chips...

Portuguese oil business Galp Energia is examining a confidential grievance about an alleged individual relationship in between President Filipe Silva and a company supervisor, financial website ECO reported on Saturday. Galp's ethics committee is analysing declared disputes of interest due to a close and individual relationship (which had been) kept secret with the female executive who reports to the CEO, ECO said, mentioning unidentified sources. A Galp representative declined to comment. The news website did not determine the female or specify her precise title, saying only she is a remarkable director. Galp's standard procedure needs personal relationships to be interacted...

Portugal's government plans to launch a longdelayed tender of lithium prospecting licenses in 2025 as it seeks to make the country a leading European supplier of critical metals for the green shift, it said on Tuesday. The center-right federal government, which took control of in April, said that the global tender for lithium prospecting will target 6 locations in the north and center of the country. The previous Socialist administration initially prepared an auction in 2018 however concerns about the environmental and social effect of lithium mining have caused numerous delays to the auction. Environment Minister Maria da Graca Carvalho...

Portugal's largest energy EDP published on Thursday a strongerthanexpected 14% increase in ninemonth net combined revenue, benefiting from strong rains in Iberia and additional earnings from its Brazilian unit after a complete takeover. EDP????? stole a net 1.08 billion euros ($ 1.17 billion),. beating the typical experts' forecast of 993 million euros in. an LSEG poll, despite smaller sized capital gains. Earnings reported on Wednesday by its subsidiary EDP. Renovaveis, the world's fourth-largest wind energy. manufacturer, fell 53% to 210 million euros. EDP ???? said it scheduled 179 million euros in consolidated. capital gains from the sale of stakes in...

Portuguese energy business Galp is in no rush to make a last investment decision ( FID) to construct a batterygrade lithium refinery in Portugal amidst challenging market conditions, CEO Filipe Silva said on Monday A 50-50 joint endeavor between Galp - which previously on Monday. reported a 22% decline in third-quarter adjusted core earnings - and Swedish battery maker Northvolt, dubbed Aurora and established in November 2021, was formerly anticipated to reveal the FID by completion of 2024. However, the refinery, which was set up to begin business operations in early 2026, is dealing with hold-ups due to the complexity...

Portugal's Galp Energia on Monday posted a 22% fall in thirdquarter adjusted core revenue, struck by lower oil output and a sharp drop in refining margins, but profits still beat estimates for the period. The energy firm reported adjusted earnings before interest, taxes, depreciation and amortization of 820 million euros ($ 885. million), beating the 766 million euros average anticipated by 20. experts surveyed by the business. Galp's share of oil and gas production from tasks in. which it has a stake fell 10% year-on-year to 112,000 barrels of. oil equivalent per day, showing the disposal of its 10% stake....

Saipem will start work on deep water drilling in Namibia for Portugal's Galp Energia, the president of the Italian energy specialist said on Thursday. In early 2024 Galp performed tests at its Mopane-1X and Mopane-2X wells and estimated in April that the Mopane field could hold at least 10 billion barrels of oil following an initially phase of exploration. The find at Mopane appears to be among the largest made in the Orange Basin following effective expedition projects by TotalEnergies and Shell in recent years. The agreement granted by Galp to drill a deep-water well is the very first in...

storyp1> LISBON, Oct 18 (Reuters) The local assembly of Portugal's Azores Islands approved the production of the biggest protected marine location in the North Atlantic to reach international conservation goals well ahead of time. The approval late on Thursday positions the archipelago at the leading edge of global ocean preservation that aims to accomplish the objectives set by the United Nations of safeguarding 30% of the Earth's land and sea by 2030 under a international pact adopted last year. The network will include practically 300,000 square kilometres (115,830 square miles) and ensures the conservation of undersea mountain ranges and susceptible...

Spanish lobby group Foro Nuclear has filed a legal challenge with the country's top court against a 30% boost of the hazardous waste levy, while the primary operators of the plants are transferring to join the battle. The lobby group, whose members consist of the energy companies operating Spain's reactors and firms active in the industry, filed the legal action to the Supreme Court in late September, it told Reuters on Friday, decreasing to further remark. Energy giants Iberdrola and Endesa, the primary operators of the country's nuclear fleet, are moving to submit their own appeals, people familiar with the...

A plan to develop among Europe's largest batterygrade lithium refineries in Portugal by end2025 is facing delays due to the intricacy of the project and uncertainty about grant funding, among the partners, Galp , said on Thursday. The 50-50 joint venture Aurora in between the Portuguese oil business and Swedish battery maker Northvolt, established in November 2021, had actually formerly anticipated the refinery to start industrial operations in early 2026. The refinery, with approximated investments of over 1 billion euros ($ 1.10 billion), aims to have an initial yearly production capacity of as much as 35,000 metric lots of lithium...

The scorching heat on Sunday made it difficult to control 20 major fires in Spain, leading the government to send 500 additional troops from its military emergency unit to help with the firefighting efforts. In the northwest region of Galicia several fires have converged to form a large fire, forcing the closing of highways, and rail services in the region. Spain is one of the worst-hit countries in Southern Europe, experiencing its worst wildfire season in 20 years. Portugal, which is next door, has also been battling widespread fires. In just the last week, three people have died and more...

T housands firefighters battled through the night to extinguish a dozen fires that raged in central and northern Spain and Portugal. This is the biggest wave of fires on the Iberian Peninsula this year, after weeks of intense heat. Since Monday, the largest wildfire in the Arouca region, which is a wooded mountainous area, has been burning. This is about 300 km (185 mi) north of Lisbon. It has led to the closure scenic trails, Passadicos do Paiva. The fire was tackled by 800 firefighters, seven waterbombing planes and other aircraft. Helder Silva, the Civil Protection Commander, told reporters that...

The European Investment Bank announced on Monday that it would invest 1.6 billion euro ($1.84 billion) in a power interconnector planned between Spain and France. This comes after the governments of Spain and Portugal sought EU assistance to improve their electricity links following an April blackout. The European Investment Bank announced on Monday that it would invest 1.6 billion euros ($1.84 billion) in a planned power interconnector between Spain and France. This comes after the governments of Spain and Portugal sought EU help to improve their power links following a massive blackout in April. The EIB (the European Union's lending...

Portugal announced on Wednesday that it would create a new marine protected area around the Gorringe Ridge, in the Atlantic Ocean. This includes Western Europe's highest seamount. It is positioning itself as an international leader on the road to conservation goals. The announcement was made by the Environment Minister Maria da Graca Carvalho as the countries gathered in Nice, France for the third U.N. Oceans Conference. This conference aims to accelerate actions to preserve marine ecosystems. Carvalho stated that the percentage of the seas in Portugal protected by the Gorringe Marine Protected Area (MPA), which is located 200 km (124...

At least 2 people died as wildfires raged in central and northern Portugal on Monday, forcing authorities to evacuate villages, close motorways and ask the European Union to send more water-bombing airplane. The circumstance was most harmful in the northwestern Aveiro district where one forest blaze reached the borders of the town of Albergaria-a-Velha and burned numerous houses, the mayor said. More than 1,100 firefighters were battling that fire and three others in the surrounding location. Cops shut a stretch of the main highway in between Lisbon and Porto as thick smoke blanketed the location. Authorities stated officers had actually...

The European Union sent 2 water bombing planes from Spain to the Portuguese island of Madeira on Thursday to help efforts to put out a wildfire that has been raging for 8 days. The blaze, which began on Aug. 14, has actually scorched nearly 5,000 hectares (12,355 acres) of plant life, primarily in mountainous locations with steep slopes and hard access. Portugal asked for help by means of the EU civil security system RescEU. EU authorities provided the 2 Canadair aircrafts and stated the bloc stood ready to deploy additional resources if necessary. Regional government chief Miguel Albuquerque stated the...

Portugal plans to raise the contribution of renewables in electrical energy intake to 93% by 2030, as part of its decarbonisation push, according to an upgraded draft of its energy and climate strategy seen on Monday. However, the draft proposal plans to decrease the 2030 target for the set up capacity of electrolyzers to make green hydrogen by 45%. Portugal is only simply now taking the first actions to install electrolyzers and has nearly no production of green hydrogen. Portugal's brand-new centre-right government will launch the draft in the future Monday for in public consultation until Sept 5, when it...

EU federal governments on Wednesday will vote on brand-new draft rules permitting some crops to be geneedited to make them more dry spell and pestresistant, as they look for to unwind a few of the world's strictest policies on genetically modified organisms (GMOs). The strongest champs of so-called new genomic strategies ( NGT), which can modify the genetic product of an organism without presenting foreign DNA, include Spain, Portugal and Italy, countries currently struggling with the effects of climate modification such as drought. A heatwave due to spread out throughout Europe today is set to take a heavy toll on...

A species of lynx discovered in remote locations of Spain and Portugal has rebounded from near extinction, with its adult population growing more than significantly considering that the start of the millennium. Wildlife specialists are calling the recovery of the Iberian Lynx unrivaled amongst felines in an age of extinction in which types are disappearing at a rate not seen in 10 million years due to environment change, contamination and environment loss. The International Union for Conservation of Nature, which categorises types according to the level of threat they deal with in a Red List produced numerous times a year,...