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).