Upstream

Galp’s portfolio comprises c.40 projects in different phases, such as exploration, development and production.

Galp’s development projects include two of the largest oil and natural gas discoveries of the last decades, located, respectively, in the pre-salt of the Santos basin, in Brazil, and the Rovuma basin, in Mozambique.

The Company is focused on the implementation of its projects in the development phase in three core locations:

Upstream projects portfolio

The key figures

  • projects
    40 projects
  • countries
    5 countries
  • average WI production
    130 kboepd average WI production
  • 2P reserves
    700 mboe 2P reserves
  • 2C resources
    1.720 mboe 2C resources

Production

Galp’s production is currently focused in Brazil and Angola, with 2020 average daily production at 130 thousand barrels.

Working interest production has been increasing, reflecting the higher output in Brazil, where there are currently eleven units producing, of which seven in Tupi, two in Iracema, one in Berbigão/Sururu and one in Atapu area. Galp’s production output will continue to increase with the start of Bacalhau project in 2024.

WI Production evolution - kboepd

 

Resources and reserves

Galp’s sustainable production is grounded on a strong oil and natural gas reserve and resource base, which are subject to an independent audit by DeGolyer and MacNaughton (DeMac).

Resources and reserves evolution - mmboe

 

In 2020, proved and probable (2P) reserves decreased 5% YoY to 700 mboe, mainly reflecting the production during the period, as no Final Investment Decisions (FID) were made in 2020. Natural gas reserves represent 21% of current 2P reserves.


2C contingent resources stand at 1,720 mboe, 2% higher YoY, mainly due to the incorporation of resources from the first exploration well in the Uirapuru block, in Brazil. Natural gas resources account for 51% of current 2C resources, mainly attributable to Mozambique.

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