Strategy

• Focus on the "trilemma" of sustainability, energy security, and affordability
• Peak European demand for oil and natural gas is expected to be reached during this decade. Nevertheless, these fuels will continue to be important, both for ensuring energy security and affordability and for non-electrifiable and hard-to-decarbonise sectors. In this field, there will be a gradual replacement of fossil fuels by less carbon-intensive alternatives. Renewable hydrogen and biofuels take centre stage
• European refining system pressurised by environmental regulation, falling demand, and rising carbon costs
• Intensification of the pace of electrification
• Regulation, technological maturity, infrastructures, fiscal stability, capital, and access to raw and rare materials emerga as determining factors for the pace and ambition of the energy transition

Galp's CapEx plan for 2023-25 allocates more than 70 per cent to growth and transformation projects, most of which are already underway or in the development phase.