Upstream: Exploration and production of oil and natural gas

The Upstream business unit develops a competitive and unique portfolio in the sector, with a carbon intensity well below the industry average. The portfolio includes 23 projects at different stages, from exploration to production. The main assets include one of the largest oil and natural gas discoveries in recent decades, in the pre-salt Santos basin in Brazil, as well as promising projects in Namibia and São Tomé and Príncipe.

Main indicators 2025

111 kboepd Average working interest production (in thousand barrels of oil equivalent per day)
11 kg CO₂/boe Carbon intensity. Well below the industry average of 17.8 kg CO2/boe (per barrel of oil equivalent)
2.7 $/boe Production costs (per barrel of oil equivalent)

Galp's Upstream portfolio

Galp's Upstream portfolio stands out for its competitiveness and quality, underpinned by a robust base of reserves and resources.

The main features of this portfolio include:

Projects of excellence in premium geographies
High sustainability, with low production costs ($2.7/boe) and a carbon intensity of 11 kg CO₂/boe, well below the industry average of 17.8 kg CO₂/boe (International Association of Oil & Gas Producers, 2023)
Medium-term production growth profile
Breakeven estimated at around $20 per barrel

In March 2025, Galp finalised the sale of its stake in natural gas production in Mozambique.

Projects of excellence in three premium geographies

Click on the icons to see the projects we develop in each country

Brazil

Namibia

São Tomé and Príncipe

Upstream: Exploration and production of oil and natural gas

Main indicators 2025

Galp's Upstream portfolio

Projects of excellence in three premium geographies

See also