Galp Energia

Capital/Financing Update • Feb 16, 2016

Start of production of FPSO Cidade de Maricá (#5) in Lula/Iracema field

Galp Energia, partner of the consortium for the development of block BM-S-11, informs that the FPSO Cidade de Maricá started operations according to schedule. This is the fifth permanent production unit allocated to the Lula/Iracema field, and it will mark the beginning of commercial production of the Lula Alto area, in the pre-salt Santos basin.

The FPSO Cidade de Maricá has the capacity to daily process up to 150 thousand barrels of oil and 6 million m³ of natural gas and has a storage capacity of 1.6 million of barrels of oil. The unit is expected to reach production plateau during 2017.

This FPSO is anchored at a water depth of 2,120 metres, approximately 270 km off the coast, and will be connected to ten producer wells and seven injector wells. The oil which is produced from Lula Alto area is high quality (30° API) and will be offloaded to oil tankers.

Galp Energia, through its subsidiary Petrogal Brasil, owns a 10% stake in the consortium that explores Block BM-S-11, while Petrobras (operator) holds a 65% stake and BG E&P Brasil, subsidiary of Royal Dutch Shell, 25%.

Galp Energia, SGPS, S.A.

Investor Relations:

Pedro Dias, Head Otelo Ruivo, IRO Cátia Lopes Joana Pereira João Pereira Pedro Pinto

Contacts: Tel: +351 21 724 08 66 Fax: +351 21 724 29 65

Address: Rua Tomás da Fonseca, Torre A, 1600-209 Lisboa, Portugal Website: www.galpenergia.com Email:investor.relations@galpenergia.com

Reuters: GALP.LS Bloomberg: GALP PL

This announcement may include forward-looking statements. Forward-looking statements are statements other than in respect of historical facts and accordingly actual events or results may differ materially from those expressed or implied by such forward-looking statements. Important factors that may cause actual results to differ from forwardlooking statements are referred in the Annual Accounts Report of Galp Energia for the year ended 31 December 2014. Galp Energia does not intend to, and expressly disclaims any duty, undertaking or obligation to, make or disseminate any supplement, amendment, update or revision to any of the information, opinions or forward-looking statements contained in this announcement to reflect any change in events, conditions or circumstances.

Galp Energia, SGPS, S.A. | Public Company | Head Offices: Rua Tomás da Fonseca Torre C, 1600-209 Lisbon Share Capital: 829,250,635 Euros | Registered at the Commercial Registry Office of Lisbon | Company tax number 504 499 777