Galp is an integrated energy player aiming to sustainably create value for its shareholders. In this context, a clear company development and growth strategy has been defined, with a focus on the reinforcement of the E&P activities, integrated with an efficient and competitive downstream and gas business. All this supported by a solid financial capacity, skilled human capital and sustainable practices.
This strategy will allow Galp to capitalise on its assets and competitive strengths, while facing the dynamics and challenges of the energy sector, which requires a sustainable response to growing global energy demand and volatility in commodity prices.
The first priority to successfully deliver this strategy is the focus on the ongoing projects, protecting their value by ensuring on schedule and on budget execution, while implementing the best practices in safety and environmental protection.
Extracting maximum value from current assets and businesses will be equally crucial. Higher oil and gas recovery factor across the Company’s E&P assets, cost and efficiency improvements, and a focus on human capital and technological development are some of the tools which will enable a greater value extraction from the Company’s businesses.
Lastly, to secure the sustainability and future growth of the Company, new areas for value creation will be developed, through new projects, businesses and markets, especially focused at the post 2020 period.
The successful strategy execution will depend to a great extent on a differentiated human capital development approach. This should address not only technical skills but also soft skills, such as the ability to influence stakeholders at all levels of the Organisation.
Galp’s human capital strategy is focused on attracting, developing, motivating and retaining people, and is expressed as a new culture of autonomy, accountability and merit. It will be crucial to provide employees with a value proposition that enhances their competencies by providing new challenges in an organisation that values excellence.
Successful strategy execution will also depend to a large extent on the effectiveness of the organisational and governance model and how well it is aligned with the Company's goals. These models should outline requirements and leadership levels for current processes and technology, people, individual experience and skills, and how functional responsibility and autonomy are defined and implemented.
Galp actively manages its relations with stakeholders and works to develop lasting and successful partnerships with leading energy players and the scientific and technological communities. The Company believes cooperation and sharing experiences are key to creating value and to developing and implementing new and innovative technological solutions.
Research & Technology
Galp actively promotes innovation, research and technological development, which are central to extracting added value from its asset portfolio and to its sustainability.
The Company invests in projects that increase the value and reduce the risk of its assets, with a current focus on the E&P business, as well as on projects to increase energy efficiency and reduce the carbon footprint.
To execute its business strategy successfully, a solid capital structure and a high level of financial discipline will be crucial. In the Company’s current stage, capital is primarily allocated to the E&P business, namely to the development of sanctioned projects, supported by a portfolio management approach that enables the Company to generate liquidity, diversify risk and monitor and crystallise value. Adequate execution of this strategy, through strict financial discipline, should ensure that shareholder value is protected and shareholder return is adequate in the Company's context.
Galp continually seeks to develop sustainable businesses by leveraging its competitive strengths. The Company continually evaluates its performance and benchmarks against best practices in the sector. In addition, Galp permanently evaluates new opportunities that may further realise its vision.