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 2019 average daily production above 121.8 thousand barrels.

Working interest production has been increasing, reflecting the higher output in Brazil, where there are currently ten units producing, of which seven in Lula. two in Iracema and one in Berbigão/Sururu West area. 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 2019, proved and probable (2P) reserves decreased 2% YoY to 739 mmboe, mostly reflecting the production during the period, despite Sépia’s addition into reserves. Natural gas reserves remained stable YoY and accounted for 21% of total 2P reserves.

The 2C contingent resources increased by 1% YoY to 1,680 mmboe, as upwards revisions in Brazil, namely in block BM-S-8, more than offset Sépia’s move from resources to reserves. Natural gas resources accounted for 51% of the total 2C resources.

Risked prospective resources at year-end stood at 766 mmboe, up 143 mmboe YoY, mostly driven by new additions in São Tomé and Príncipe.