Galp’s development projects include two of the largest oil and natural gas discoveries of the last decades, located, respectively, in the pre-salt of the Santos basin, in Brazil, and the Rovuma basin, in Mozambique.

Key figures (2022)

In 2022, working interest (WI) production was 127 kboepd, flat versus the previous year, as the slight decrease in production from more mature projects was offset by more efficient planned interventions and the start-up of Coral Sul FLNG towards the end of the year.  

• In Brazil, Galp and its partners continued to progress the development of the Bacalhau project, expected to start in 2025, by securing the drilling ship that will also perform the appraisal well in the Bacalhau North area. Drilling and marine installation campaigns started in November and December, respectively.
   
• Still in Brazil, the FPSOs developing the Berbigão/Sururu and Sépia reached plateau production.
   
• In Mozambique, Area 4 partners have successfully delivered the first LNG cargo from the FLNG Coral Sul unit in November, having executed the project on time and on budget. The partners also continue their efforts to assess possible development concepts for the Rovuma LNG onshore project.  
   
• In São Tome and Principe, Galp performed an exploratory well in Block 6, which proved a working petroleum system, although with no evidences of a commercial discovery. 
   
• Already in 2023, Galp signed an agreement with Somoil for the sale of Block 14 and block 32 in Angola. 

Development of reserves and resources

Reserves 1P were reduced 10% YoY to 367 mboe, considering the exclusion of the Angola reserves and the net entitlement production during the year of 46 mboe, although partially offset by the upwards revision of Bacalhau reserves, in Brazil.

Proven and probable reserves (2P) followed, decreasing 6% YoY to 668 mboe, of which natural gas represents 14%.

2C contingent resources increased to 1,653 mboe, 9% higher YoY, mainly driven by Bacalhau phase II studies, although partially offset by the exclusion of Angolan resources. Natural gas account for 54% of current 2C resources, mainly attributable to Mozambique.

2P reserves, together with 2C contingent resources, amounted to 2.3 bn boe.

Galp's reserves and resources are subject to an independent assessment by DeGolyer and MacNaughton (DeMac).