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, with 2018 average daily production above 100 thousand barrels.

Working interest production has been increasing, reflecting the higher output in Brazil, where there are currently nine units producing in the Lula & Iracema project. This growth 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 2018, proved and probable (2P) reserves increased 1% YoY to 755 mmboe, as upwards revisions in Brazil, namely in blocks BM-S-11/BM-S-11A, more than offset the production during the period. Natural gas reserves increased YoY and accounted for 21% of total 2P reserves.

The 2C contingent resources increased 23% YoY to 1,658 mmboe, mostly reflecting the revised solution considered for the development of the Rovuma LNG project in Mozambique and the additions in block BM-S-8, in Brazil, as Galp increased its stake to 20%. Natural gas contingent resources increased 49% YoY and accounted for 51% of the Group’s total.

Risked prospective resources at year-end stood at 623 mmboe, up 57 mmboe YoY, mostly driven by the additions from new acquisitions of interests in Brazil, which offset the transfer from prospective to contingent resources from new discoveries in Brazil and the relinquishment of Portuguese acreage during 2018.