Upstream centred on Brazil pre-salt (Bacalhau, Tupi, Berbigao/Sururu) plus the giant Namibia Mopane discovery under appraisal; Portuguese Sines refinery + Iberian retail + renewables/green hydrogen.
Strong balance sheet (net debt/EBITDA ~0.5x) supports a progressive dividend plus buybacks; the Mopane (PEL 83) farm-down process is the key optionality/catalyst. Flags: single-basin production concentration in Brazil, refining-margin cyclicality, Mozambique LNG timing, Namibia execution.
Its EV/EBITDA of 5.7x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 8.7% is higher than the 6.5% median, and at $26.79/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, Galp Energia scores 45/100, strongest on asset quality (53/100). Sub-scores: value 49, quality 53, growth 28, risk 64 (higher = riskier).
Galp Energia holds approximately 0.7 billion boe of proved (1P) reserves with FY2025 production of about 111 thousand boe/d (86% liquids), a reserve life of roughly 17.3 years. Break-even: ~$35 (Brent break-even) — Pre-salt lifting cost ~$5-7/boe; portfolio cost of supply ~$25-30 Brent; corporate FCF breakeven incl. dividend ~$40-45.
For Galp Energia, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Brazil | 85% | 61 | Complex tax/local-content rules; Petrobras policy swings, strong pre-salt. |
| Namibia | 8% | 55 | Hot Orange Basin play; nascent regime, local-content evolving. |
| Mozambique | 5% | 90 | Cabo Delgado insurgency delayed LNG; debt, security. |
| Angola | 2% | 76 | High debt, FX/repatriation risk, mature declining fields. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Brazil pre-salt (Bacalhau, Tupi) | Brazil | Deepwater oil | core upstream |
| Mopane (PEL 83) | Namibia | Exploration/appraisal | large discovery, farm-down |
| Sines refinery | Portugal | Downstream | flagship refinery |
| Iberian retail | Portugal/Spain | Marketing | fuels retail |
| Rovuma LNG (Area 4) | Mozambique | LNG | minority |
| Renewables / green H2 | Portugal | Power | low-carbon |
| Angola (Block 32) | Angola | Offshore oil | deepwater |
| Berbigao/Sururu | Brazil | Deepwater oil | pre-salt |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 126 | 124 | 117 | 103 | 111 |
| Proved reserves (bnboe) | 1.00 | 0.95 | 0.92 | 0.88 | 0.70 |
| Revenue ($bn) | 18.0 | 27.0 | 21.0 | 19.5 | 21.1 |
| EBITDA ($bn) | 2.6 | 4.3 | 3.8 | 3.6 | 3.3 |
| Net income ($bn) | 0.7 | 1.0 | 1.2 | 0.9 | 1.2 |
| Free cash flow ($bn) | 0.8 | 1.5 | 1.2 | 1.0 | 1.3 |
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✓ FY2025 figures verified against primary sources:
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