This work analyses the influence of the temperature (310-450 degrees C), pressure (200-260 bar), catalyst/bio-oil mass ratio (0-0.25 g catalyst/g bio-oil), and reaction time (0-60 min) on the reforming in sub- and supercritical water of bio-oil obtained from the fast pyrolysis of pinewood. The upgrading experiments were carried out in a batch micro-bomb reactor employing a co-precipitated Ni-Co/Al-Mg catalyst. This reforming process turned out to be highly customisable for the valorisation of bio-oil for the production of either gaseous or liquid bio-fuels. Depending on the operating conditions and water regime (sub/supercritical), the yields to upgraded bio-oil (liquid), gas and solid varied as follows: 5-90%, 7-91% and 3-31%, respectively. The gas phase, having a LHV ranging from 2 to 17 MJ/m(3) STP, was made up of a mixture of H-2 (9-31 vol.%), CO2 (41-84 vol.%), CO (1-22 vol.%) and CH4 (1-45 vol.%). The greatest H-2 production from bio-oil (76% gas yield with a relative amount of H-2 of 30 vol.%) was achieved under supercritical conditions at a temperature of 339 degrees C, 200 bar of pressure and using a catalyst/bio-oil ratio of 0.2 gig for 60 min. The amount of C, H and O (wt.%) in the upgraded bio-oil varied from 48 to 74, 4 to 9 and 13 to 48, respectively. This represents an increase of up to 37% and 171% in the proportions of C and H, respectively, as well as a decrease of up to 69% in the proportion of O. The HHV of the treated bio-oil shifted from 20 to 35 MJ/kg, which corresponds to an increase of up to 89% with respect to the HHV of the original bio-oil. With a temperature of around 344 degrees C, a pressure of 233 bar, a catalyst/bio-oil ratio of 0.16 g/g and a reaction time of 9 min a compromise was reached between the yield and the quality of the upgraded liquid, enabling the transformation of 62% of the bio-oil into liquid with a HHV (29 MJ/kg) about twice as high as that of the original feedstock (17 MJ/kg). (C) 2016 Elsevier Ltd. All rights reserved.