Upstream

Galp’s portfolio comprises c.28 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
    28 projects
  • countries
    5 countries
  • average WI production
    127 kboepd average WI production
  • 2P reserves
    712 mboe 2P reserves
  • 2C resources
    1.521 mboe 2C resources

Production

WI production was 127 kboepd, which represented a contraction of 3% when compared to 2020, reflecting the plateau stage of the most relevant projects, as well as operational and logistic constraints during the period, partially offset by the start of production of Sépia and the ramp-up of Atapu and Berbigão & Sururu areas.

Natural gas production remained steady at around 10% of total production, exclusively related with associated gas from the projects in Brazil. The contribution of natural gas is expected to increase in 2022, with the start of production of the Coral FLNG project, in Mozambique.

In Brazil, WI production was 113.8 kboepd. During the period, the Atapu unit in Brazil completed its ramp-up, while the Berbigão & Sururu unit continued to increase its production. The start of production of the FPSO Carioca in August, marked the beginning of Sépia’s accumulation development, being Galp’s twelfth unit in the Brazilian pre-salt area.

In Angola, WI production was 13 kbpd, a decrease of c.11% YoY, reflecting production constraints in the Kaombo North area, in block 32, and the natural decline of production in Block 14.

Galp continues to focus on optimising its portfolio, strengthening plans of development and implementing all the steps to ensure all value extraction initiatives are executed on its key projects, with the Company predicting sustainable growth based on its highly competitive portfolio.

Galp’s Upstream growth profile will continue, with a 25% expected increase in production in 2025, when compared to 2021, mainly supported by the Bacalhau project, highlighting the efficient and resilient portfolio.

Development of reserves and resources

Bacalhau Final Investment Decision (FID) allowed Galp to high-grade its reserves & resources, more than offsetting the production in the period, increasing 1P reserves by 7% YoY.

2P reserves increased 2% YoY, to 712 mboe, mainly reflecting the Bacalhau FID made in 2021, although partially offset by production in the period and natural gas downwards revision, now tied with existing commercial contracts. Natural gas reserves represent 14% of current 2P reserves.

2C contingent resources stand at 1,521 mboe, 11.5% lower YoY, mainly due to portfolio restructuring, relinquished assets and the promotion of some Bacalhau field resources to reserves. Natural gas resources account for 57% of current 2C resources, mainly attributable to Mozambique.

Proven and probable reserves (2P), together with 2C contingent resources, amounted to 2.2 bn boe.

Galp's reserves and resources are subject to an independent assessment by DeGolyer and MacNaughton (DeMac).

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