Portuguese energy group Galp reports 35% jump in quarterly profit

April 30 (Reuters) - Portuguese energy group Galp Energia reported a bigger-than-expected 35% rise in first-quarter profit on Tuesday and said it expects its major oil discovery off the coast of Namibia to support growth in the coming decades. Adjusted net profit at 337 million euros ($360.69 million)beat the 262 million euros expected by 16 analysts polled by the company as lower tax payments offset declines in crude production and refining margins compared to a year earlier.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) also beat expectations, rising 13% to 974 million euros.

Galp shares, already up more than 50% this year, were up 1.8% in morning trading.

The company said it paid 350 million euros in taxes in the first quarter, including windfall taxes in Spain and Portugal and extraordinary taxes, compared with 389 million euros a year earlier.

Galp's share of oil and gas production from projects in which it has a stake fell 4% year on year to 116,000 barrels of oil equivalent per day (boepd), of which 107,000 boepd were pumped in Brazil, 7% less than a year earlier.

Its Coral Sul gas field in Mozambique produced 9,000 boepd in the first quarter, already "at plateau levels", up from 5,000 boepd a year ago.

The company said last week that it had completed the first phase of exploration in the Mopane field of Namibia and estimated it could have at least 10 billion barrels of oil.

The Mopane discovery appears to be one of the largest made in the nascent basin following successful exploration campaigns by rivals TotalEnergies and Shell in recent years. It could help kickstart the southern African country's oil industry.

Galp Chief Executive Filipe Silva said "this should support the growth profile of Galp for the decades to come" as the company gradually lowers the carbon intensity of its downstream businesses.

Sources told Reuters last week that Galp has launched the sale of half of its 80% stake in the exploration block that includes the Mopane field.

Galp said Brent oil prices rose slightly to an average of $83.2 a barrel in the quarter from $81.2 a year earlier.

The company's refining margin fell to $12.0 in the first quarter from $14.3 a year earlier, but doubled compared to the previous three months. ($1 = 0.9343 euros) (Reporting by Sergio Goncalves; Editing by Kirsten Donovan and Susan Fenton)