KeyfactsEnergy

Galp

Contacts

Galp Energia, SGPS, S.A.
Rua Tomás da Fonseca - Torre C
1600-209 Lisbon
Portugal

Tel: Tel: (+351) 217 242 500
galp@galpenergia.com

Description

Galp is focused on the development of its upstream projects, especially following the world-class oil and gas discoveries in the pre-salt Santos basin in Brazil and in the Rovuma basin in Mozambique. The Exploration & Production (E&P) business is anchored in these two countries alongside Angola, although Galp’s diversified portfolio spans across seven countries and over 50 E&P projects. Galp is expected to deliver production growth that is unparalleled in the industry based on discoveries already made, with the E&P business being the Company’s current primary growth driver.

Reserves and production
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 by 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 resources increased 49% YoY and accounted for 51% of the total.

During 2018, the average WI production reached 107.3 kboepd, up 15% YoY, mainly reflecting the increased production from Brazil, but also from Angola. Oil continues to account for most of the company's production, with gas accounting for 12%, mainly attributable to associated gas from Brazilian projects.

Refining & Marketing
Galp is a leading player in Iberia, operating across refining, distribution and oil marketing activities. It operates an integrated refining system comprising two refineries in Portugal with a total processing capacity of 330 thousand barrels of oil per day (kbopd), and a distribution network in Iberia including approximately 1,300 service stations. While the Refining & Marketing (R&M) business is centred in Iberia, the Company continues to expand its marketing of oil products activity in selected markets in Africa.

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