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Upstream: Exploration and production of oil and natural gas

The Upstream business unit develops a competitive and unique portfolio in the sector, with a carbon intensity well below the industry average. It comprises 19 projects at different stages of maturity, from exploration to production. In addition to promising assets in Namibia and São Tomé and Príncipe, the portfolio includes two of the largest oil and natural gas discoveries of recent decades: in the pre-salt Santos basin in Brazil and the Rovuma basin in Mozambique.

Main indicators 2023

  • Average working interest production
    122 kboepd Average working interest production
  • Carbon intensity. Well below the industry average of 17.8 kgCO2e (IOGP, 2022)
    9.1 kgCO2e Carbon intensity. Well below the industry average of 17.8 kgCO2e (IOGP, 2022)

Upstream portfolio

Galp's Upstream portfolio is characterised by a broad and high-quality base of reserves and resources. In 2023, 1P and 2P reserves decreased 7% to 342 mboe and 621 mboe, respectively. 2C resources remained stable compared to the previous year, at 1,653 mboe.

Several factors make Galp's Upstream portfolio competitive and unique in the sector, namely:

  • First-class projects in premium geographies
  • Medium-term production growth of 30% by 2026
  • High sustainability, given the low production costs ($3/boe) and carbon intensity of 9.1 kgCO2e, well below the industry average of 17.8 kgCO2e (data from the International Association of Oil & Gas Producers, 2022)
  • Break-even below $20/bbl

 

Our portfolio of Upstream projects

Click on each geography to see the projects in that country