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Oil Plays Big Role in Galp Transition Plan

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Portugal’s Galp is ramping up volumes across its diversified energy portfolio as it looks to sector-leading oil growth as well as significant increases in its capacity to produce renewable power, renewable fuels and potentially lithium for batteries. CEO Andy Brown, who came to Galp last year after a long career at Shell, told Energy Intelligence in an exclusive interview that the world needs to transition to clean energy, but cutting off all oil growth does not make sense. “I am worried about how the world can satisfy both what is a very clear and urgent climate objective,” Brown said, “but secondly to make sure that energy is delivered as abundantly and affordably to consumers around the world.” Even with the planned expansion, Galp forecasts spending to decrease by 20% relative to its historical average to between €800 million-€1 billion ($783 million-$979 million) through 2025, as it balances its production growth with returns to shareholders.

Topics:
Corporate Strategy , Offshore Oil and Gas, Renewable Electricity , Hydrogen, Electric Vehicles, ENERGY INTELLIGENCE FORUM 2022
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