Portugal’s Galp Energia to Expand LNG Assets

Portugal’s Galp Energia reported its plan to significantly increase its LNG and FPSO investments, anticipating it would deploy 14 additional FPSO in Brazil and Angola.

‘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,’ reads a note released on Tuesday.

The Portuguese company, focused on the upstream business, is working on a set of world-class projects, anticipating a compound annual growth rate of production of around 40% in the period 2013-2020.

In 2013, total 2P reserves and 2C contingent resources increased by 9% to 2,432 mboe, as reported by the company in another communiqué.

The company is active in 15 countries. The exploration and production business segment is mainly focused on Brazil, Angola and Mozambique. The gas and power is sold in Spain and Portugal. It also holds 8 E&P projects in Portugal.