Portugal’s oil and gas major Galp is "reassessing" its mid-decade renewable energy target, citing low returns in some projects.

The fossil group's chief financial officer (CFO) Maria Joao Carioca said while presenting its third-quarter results: “The full delivery of the 4GW of renewables organic portfolio is unlikely to be achieved by 2025.”

That target is now “being reassessed given the return profile” seen in some of the projects, which she described as “well below Galp’s minimum”.