We were founded on 22 April 1999 as GALP – Petróleos e Gás de Portugal SGPS, S.A., as a result of the restructuring of the energy sector in Portugal, to operate in the oil and natural gas businesses.  Two pre-existing Portuguese government-owned companies were placed under our control at that time: Petróleos de Portugal - Petrogal, S.A. (“Petrogal”), the only refiner and the leading distributor of oil products in Portugal, and GDP - Gás de Portugal, SGPS, S.A. (“GDP SGPS”), the company responsible for the import, transportation and distribution of natural gas in Portugal.  Today we are Portugal’s leading integrated oil and natural gas Group, with a growing presence in Spain and a developing power business.

In 2005, the Portuguese government established the national strategy for the energy sector mandating the unbundling (legal separation) of our regasification, natural gas transportation and part of our natural gas storage assets, related liabilities and corresponding activities (the “Regulated Activities”) and the sale of these Regulated Activities to Rede Eléctrica Nacional, S.A. (“REN”), the Portuguese electricity transmission grid operator and one of our former shareholders (the “Unbundling”).  Such sale occurred on 26 September 2006. We continue to be entitled to carry out natural gas sourcing and supply activities in Portugal to large industrial clients, power companies, local distribution companies and autonomous reception, storage and regasification gas units (“AGUs”). We also continue to perform natural gas distribution activities through our equity participations in local distribution companies and AGUs.

Galp Energia's operations cover primarily three business segments: Exploration & production, Refining & Marketing and Gas & Power.

Exploration & Production
Through its exploration and production activities Galp Energia is present in almost every country, mainly in Africa and South America, being active in more than 37 projects. With a recognised history of successful partnerships with International Oil Companies such as Eni, Chevron, Total and National Oil Companies such as Petrobras, PDVSA and Sonangol, Galp Energia has benefited from its position as Portugal’s standard-bearer to strengthen relations with Portuguese-speaking countries. Galp Energia participates in exploration, development and production projects that use cutting-edge technology, particularly in deep and ultra-deep water.


Refining & Marketing
Galp Energia has a modern refining system in the Iberian Peninsula, which is connected to an efficient logistics network supplying mainland Portugal from north to south as well the Azores and Madeira islands. With a combined daily capacity of 310 thousand barrels, the Sines and Porto refineries processed in 2007 crude oil from over 10 countries to obtain a broad range where gasoline and middle distillates predominate. The refineries’ products find a market not only in Portugal but also abroad, particularly in the United States. The marketing of oil products division sells in Portugal and Spain most of the products refined by Galp Energia. With a network of over 1,000 service stations and 210 convenience stores, Galp Energia is the market leader in Portugal and has an increasing presence in Spain where it capitalizes on high brand awareness. In addition to the retail business, Galp Energia also has a relevant position in wholesale where it offers a broad range of products to the manufacturing, construction and transport sectors. In the business, LPG sales also play an important role.


Gas & Power
Galp Energia is proud to have been the prime force behind the introduction of natural gas in Portugal ten years. The company led the various stages for the development of this sector in the country, including the construction of high- and low-pressure infrastructure and the creation of a domestic market for natural gas. Having signed contracts to purchase six billion cubic metres of natural gas a year from Algeria and Nigeria, Galp Energia supplies the whole mainland territory where it sold 4.2 billion cubic metres in 2007, and about 1.2 billion cubic metres in the international market. Currently, the Power business segment consists of its equity holdings in the three cogeneration plants – Carriço, Powercer and Energin – for a total capacity of 80 MW.