Galp Energia

M&A Activity • Jul 4, 2018

Galp to align participating interest in the Greater Carcará area

Galp informs that its Brazilian subsidiary, Petrogal Brasil, is preparing the acquisition of a 3% additional stake in the BM-S-8 license in the Santos basin from Equinor, following the transaction announced today by the latter, pursuant to which it will acquire Barra Energia's 10% interest in this license.

This reflects Petrogal Brasil, Equinor and ExxonMobil equity interest alignment agreement for BM-S-8 and Carcará North licenses, which include the Carcará pre-salt discovery. BM-S-8 also includes the Guanxuma prospect, where the first exploration well is currently being drilled.

The total consideration for the acquisition of a 3% additional interest is c.\$114 million, in line with Petrogal Brasil's previous 3% stake acquisition, announced in October 2017.

The acquisition is subject to the execution of a final agreement and to the completion of the ongoing transaction entered into between Equinor and Barra Energia. Closing is contingent to customary conditions, including partner and government approvals.

Following the closing of these transactions, Petrogal Brasil is expected to hold a 20% interest in the two licenses, while Equinor, the operator, and ExxonMobil 40% each.

These acquisitions reflect Galp's strategic interest in expanding its presence in core areas, such as the Brazilian pre-salt, from selected high-quality assets to be developed through strong partnerships.

Galp Energia, SGPS, S.A. Investor Relations:

Pedro Dias, Head Otelo Ruivo, IRO Cátia Lopes João G. Pereira João P. Pereira Teresa Rodrigues Contacts: Tel: +351 21 724 08 66 Fax: +351 21 724 29 65

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

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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 forward-looking statements are referred in the Annual Accounts Report of Galp for the year ended 31 December 2017. Galp 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.