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 Exploration & Production portfolio is focused on the Atlantic axis, in Angola and Brazil, as well as in the East African region, in Mozambique, where the scale of the oil and natural gas discoveries will support sustained growth of production in the coming years.
This growth will be crucially influenced by the development of projects in areas where Galp Energia now has oil resources as well as by continued exploration in Brazil, outside the Santos Basin, and in other regions such as Portugal. To Galp Energia, sustained value creation relies on the development of existing projects as much as on the continuous exploration of new areas.
Galp Energia’s portfolio includes more than 40 projects in different development stages, spanning four continents. Galp Energia centres its activities in three core areas – Brazil, Angola and Mozambique – and also has projects in Portugal, Uruguay, East Timor, Venezuela and Equatorial Guinea. Projects currently under production are located in block 14, in Angola; in the Lula field, in block BM-S-11 of the pre-salt Santos Basin, in Brazil, and, on a smaller scale, onshore Brazil.
Galp Energia’s Exploration & Production portfolio comprises projects at different stages of exploration and development, with its most promising projects located offshore of Brazil and Mozambique. As such, the exploration and production activity in the coming years will be centred on the development of reserves and resources of the cluster in the Santos pre-salt basin; on the exploration and development of natural gas discoveries in Mozambique; on the exploration and development of new projects offshore Angola; and on exploration of more than 112 prospects, in which exploratory potential has already been identified.
At the end of 2011 Galp Energia's net entitlement 3P reserve base amounted to 709 million barrels of oil equivalent.