The investment will be channelled into exploration and production, the company said in a statement filed with Portuguese market regulator CMVM, but will also continue to invest in refining crude oil and distributing oil products on the Iberian Peninsula and in Africa, as well as in distribution of natural gas and production and sale of electricity in Portugal and Spain.
Galp Energia also announced it would invest in biofuels in Brazil and Mozambique.
The Portuguese company also pledged to increases its annual dividend payout by 20 percent starting with those for 2012.