The Exploration & Production business is currently the main pillar of the Company’s value creation through its presence in some of the most promising basins worldwide.
Galp Energia’s strategic objectives for the Exploration & Production activity are:
• Build a balanced and diversified exploration and production portfolio.
• Sustainably add new prospects to the exploration funnel.
• Continuously derisk prospects for development, with the drilling of between seven and 10 high impact wells, with the aim of unlocking 100 to 200 mboe per year.
• Assume greater control over exploration and production projects, either through the acquisition of more relevant stakes in new projects, or by assuming the role of operator.
• Deliver profitable production growth, reaching a production level of 300 kboepd over the next decade, which will be supported in the long-run by the delineated exploration strategy.
• Ensure optimal development of production projects, in order to maximise shareholder return.
Galp Energia holds an exploration and production portfolio of 50 projects spread across 10 countries at various stages of exploration, development and production. The Company focuses its activity on three core areas – Brazil, Mozambique and Angola – but there have seen major efforts to diversify its exploration portfolio both geographically and geologically. Thus, during the year 2012, Galp Energia added 16 new projects to its exploration and production portfolio, led by entry into Namibia and Morocco. The Company’s portfolio also includes projects in East Timor, Uruguay, and Equatorial Guinea.
At the end of 2012 Galp Energia's net entitlement 3P reserve base amounted to 783 mboe, 10% more than 2011.