Galp’s development projects include two of the largest oil and natural gas discoveries of the last decades, located, respectively, at the Santos basin pre-salt, 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:

• Brazil;
• Angola;
• Mozambique.

Galp’s production is currently focused in Brazil and Angola, having reached in 2017 a daily production of 100 thousand barrels.

Working interest production has been increasing, reflecting higher the output in Brazil, where there are currently seven units in production. This increase will continue with the expansion of the activities in the country in the coming years.

Galp’s sustainable growth 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 2017, proven and probable reserves (2P) increased by 11% year-on-year. This increase was driven mainly by the FID regarding the Coral South project, in the Rovuma basin in Mozambique.

Natural gas reserves account for 20% of the total 2P reserves.

 The 2C contingent resource base increased by 2% in 2017, following the acquisition of a stake in Carcará North, in Brazil.

Natural gas resources account for 40% of the total and are located, mainly, in the Rovuma basin, in Mozambique.

At the end of 2017, risked prospective resources had increased by 48%.