Ahead of the presentation of Q3 results, Galp presented an update of its investment strategy for the coming years, in which it reinforces “the investment values to be applied in projects that promote the transition to a lower carbon intensity energy model”.

These projects “include increasing the proportion of natural gas in the production mix, as well as the development of a competitive business of electricity generation through renewable sources”, says the oil company.

The average investment in renewable energy and in new businesses should represent between 10 percent and 15 percent of all capital allocation, the company specifies.

In addition to focusing on new opportunities, Galp’s investments in upstream remain “focused on the development of high-potential projects, with the average breakeven of the portfolio remaining at around €25 per barrel” and in downstream it intends to optimise and strengthen its asset base in refining and marketing, as well as selectively explore new value-added oppor-tunities that will allow it to increase the competitiveness of its portfolio.

In financial terms, Galp intends to continue in a “robust position”, stating that “all capital allocation actions should be in line with the commitment to maintain a Net Debt/Ebitda ratio below 2x”.

Galp foresees an annual increase of 10 percent in the dividend per share over the next three years (2019-21).