This follows a five-year update of Galp Energia and its respective priorities that forecast growth in oil and gas production by between 25% and 30% by 2020 which the company statement termed "an unprecedented rate for the sector".


The statement went onto say that the objectives stemmed from significant increases in proven and probable reserves, up by 10% to 638 million barrels of oil or equivalent, in 2014 primarily due to advances in its Brazilian operations and the final investment in block 32 in Angola.


The proven, probable and possible reserves also rose last year with the 18% rise taking the total to 833 million barrels of oil or equivalent.


Galp Energia also announced that it would be scaling back on planned investment over the next five years with the new annual average of between €1.2 billion and €1.4 billion, down €300 million on that announced a year ago.


This investment primarily targets off-shore deep water operations in Brazil, natural gas in Mozambique as well as a combination of both in Angola.


The news about the investment reduction failed to cheer markets with Galp plunging 7.86% in trading on Tuesday and closing at €9.44 euros per share.