Galp consolidates its Upstream business and accelerates the transition to renewables and gas distribution
Galp, Brazil's third largest oil and gas producer, will be well represented once again at this year's edition of Rio Oil & Gas 2022, taking place from 26 to 29 September, with the participation of its CEO, Andy Brown.
Galp aims to consolidate its growth in the pre-salt region of the Santos Basin, while simultaneously accelerating its expansion in renewable energies and the diversification of its portfolio of activities in Brazil, entering the natural gas segment and assessing opportunities in the green hydrogen value chain.
Brazil will continue to be the great driving force of Galp's growth in the coming decades, which explains the continuity of long-term investments in projects such as the optimisation of the Tupi/Iracema project – the largest producing oil field in Brazil – and the development of the Bacalhau field, among others. Galp has already invested more than US$ 5 billion in the country, and expects to invest a similar value in the next ten years, as it accelerates its transformation towards a more sustainable matrix.
An important step in this transition is to strengthen its presence in the natural gas distribution segment, an essential fuel to ensure the stability and flexibility of the system during periods when renewables are not producing enough. Since it began supplying natural gas, in January, Galp has already gained 30 clients, who now benefit from a more competitive gas supply.
In terms of renewables, Galp is currently one of the main players in solar photovoltaic energy on the Iberian Peninsula, and is expanding to Latin America, with a combined portfolio of 9.4 GW in Spain, Brazil and Portugal, 1.2 GW of which are already in production. The target for 2030 is to achieve a gross renewable operational capacity of about 12 GW. Most solar farms are already operating, with more than half of the generating capacity under development (5.4 GW) located in Brazil.
In the area of innovation, Galp has launched the Ideation Week in Rio Oil & Gas, which challenged university students to present solutions to generate and access energy in Brazil, focusing on hybrid solutions that combine renewable energy and natural gas.