Portuguese oil and gas company Galp Energia plans to invest €1.5bn-€1.7bn per year over the 2014-2018 period (€1.3-1.5bn in 2014), mainly to the upstream business in Brazil (Lula/Iracema) and in Mozambique. The company anticipates an average yearly growth of production of around 40%, for the period 2013-2020, through the development of its sanctioned and pre-sanctioned projects. Until 2020, the company should deploy 14 additional FPSO in Brazil and Angola, and start the LNG project in Mozambique. The Lula/Iracema project in Brazil is being executed according to the plan, on time and on budget, being all the critical equipment already contracted. Scheduled drilling programme for 2014 includes the drilling of seven to nine exploration and appraisal wells, including one exploration well to be drilled in the Trident oil prospect in Morocco.
In the downstream business, Galp Energia aims to increase cash flow generation, namely through improved integration of the refining and marketing activities, increased energy efficiency and lower capital employed on those activities. In the Gas & Power business, the goal is to continue to exploit LNG trading opportunities and maintaining a material natural gas outlet in Iberia, coupled with a flexible sourcing of natural gas and LNG.