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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 17 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 2024

  • Average working interest production (in thousand barrels of oil equivalent per day)
    109 kboepd Average working interest production (in thousand barrels of oil equivalent per day)
  • Carbon intensity. Well below the industry average of 17.8 kg CO2/boe (per barrel of oil equivalent)
    10 kg CO2/boe Carbon intensity. Well below the industry average of 17.8 kg CO2/boe (per barrel of oil equivalent)
  • Production costs (per barrel of oil equivalent)
    2.3 $/boe Production costs (per barrel of oil equivalent)

Upstream portfolio

Galp's Upstream portfolio stands out for its competitiveness and quality, underpinned by a robust base of reserves and resources. In 2024, 1P and 2P reserves stood at 299 mboe and 510 mboe, respectively, while 2C resources increased to 1,333 mboe.

The main features of this portfolio include:

  • Projects of excellence in premium geographies
  • High sustainability, with low production costs ($2.3/boe) and a carbon intensity of 10 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 for 2025-26

In 2024, Galp finalised the sale of its stakes in oil exploration and production in Angola. In March 2025, it also finalised the sale of its stake in natural gas production in Mozambique.

 

Upstream projects in three geographies

Click on the icons to see the projects we have developed in the country

More on our businesses

Source: Annual Integrated Report 2024 Last Update: 07 April 2025

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