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Upstream (E&P) of oil and gas

The origin of our energy

Our Upstream business encompasses oil and natural gas exploration and production activities in different parts of the world, where everything begins.

What is upstream and why is it key in our activity?

Upstream is the initial phase of the energy sector value chain and refers to the activities of exploration, evaluation, and production of energy resources, such as oil and natural gas. It includes finding deposits, drilling wells, and extracting resources from the subsoil. It is a key stage because it guarantees the supply of energy that is then processed and transformed in the subsequent phases (midstream and downstream).

This term is commonly used to differentiate it from other areas of the sector and is fundamental to understanding how the energy industry works as a whole.

How is the Upstream process?

Our oil and natural gas exploration and production process goes from start to finish. It encompasses the stages of searching for and extracting raw materials, transport to our industrial complexes, and lastly their distribution and commercialization in society.

Step 1: We identify opportunities

The first step is, by using the latest technology, we carry out different geological, geophysical, and environmental impact studies that allow us to determine the potential of any area.

Step 2: Exploration

We assess the characteristics of the onshore or offshore discovery to select the best extraction model, applying the highest safety standards both for people and the environment.

3. Development and production

We build the necessary facilities to maximize the potential of the deposit and we carry out different maintenance tasks to minimize the environmental impact and transport the raw material in the safest way.

The oil journey

Explore where oil and gas come from, and how they have formed part of our history over time.

El viaje del petróleo

Oil and gas are necessary to meet global demand in an affordable manner, while we progressively advance towards a new, more diversified energy model."

Francisco Gea
EMD E&P
Francisco Gea

Our Upstream explained in numbers

Our aim is to improve in the efficiency of our upstream (E&P) processes, always maintaining a balance in our reserves between gas and oil, as they are energies that will continue to be important for society in the coming decades.

981

Billion boe*

proven reserves of natural gas.

360

kboe/day **

net gas production.

548,000

boe/day **

net hydrocarbon production.

1,490

billion euros

in Upstream investments.

** Boe (barrels of oil equivalent)

** Boe (Barrels of oil equivalent)

Our most important projects

All over the world, we have a strong portfolio of projects contributing significant production and high-quality barrels.

Updated as of August 2026