Exploration & Production Block 14. January 2007

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1 Exploration & Production Block 14 January 2007

2 Disclaimer Matters discussed in this presentation may constitute forward-looking statements. Forward-looking statements are statements other than in respect of historical facts. The words believe, expect, anticipate, intends, estimate, will, may, "continue," should and similar expressions identify forward-looking statements. Forward-looking statements may include statements regarding: objectives, goals, strategies, outlook and growth prospects; future plans, events or performance and potential for future growth; liquidity, capital resources and capital expenditures; economic outlook and industry trends; developments of Galp Energia s markets; the impact of regulatory initiatives; and the strength of Galp Energia s competitors. The forwardlooking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management s examination of historical operating trends, data contained in Galp Energia s records and other data available from third parties. Although Galp Energia believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause the actual results of Galp Energia or the industry to differ materially from those results expressed or implied in this presentation by such forward-looking statements. The information, opinions and forward-looking statements contained in this presentation speak only as at the date of this presentation, and are subject to change without notice. Galp Energia does not intend to, and expressly disclaim 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 presentation to reflect any change in events, conditions or circumstances. 2

3 Galp Energia Portfolio in Angola Block 14 is located in offshore Angola with a total area of 4,091 km 2 Block 14 14K/AIMI Cabinda Angola 19 Luanda Galp Energia Blocks 3

4 Block 14 in Deep Offshore Angola Block 14 Development Areas Block 14 Consortium Chevron (Operator) 31% Sonangol 20% ENI 20% Total 20% Galp Energia 9% Lucapa - 1 Block th Commercial Discovery Note: Block 14 K / A-IMI was separated from Block 14 in 2002, after a border dispute between Angola and Congo governments 4

5 Block 14 Fields Key Highlights Kuito Discovery declared in July 1997 First oil produced in December month from discovery to first oil production justified by the use of a converted FPSO (Floating, Production, Storage and Offloading) TL (Tombua and Landana) Landana and Tombua were discovered in 1997 and 2001 First oil was produced in June 2006 BBLT (Benguela, Belize, Lobito and Tomboco) First oil from produced in January 2006 Benguela Belize is the first application of a Compliant Pilled tower in Africa Project of the Year Offshore Energy Association (December 2005) Lobito e Tomboco sub-sea centers start up in 2006 Negage and Gabela Gabela commercial discovery was declared in February 2004 Negage commercial discovery was declared in February 2004 Development plans for Negage and Gabela are being discussed with Sonangol 5

6 Block 14 Fields Fact Sheet Fields Status Proved Reserves 1 (Mbbl) Peak Production 2 (kbbl/d) APIº gravity Start up Kuito Production BBLT Production TL Production Negage Development >2010 Gabela Development > Net entitlement reserves based on Gaffney & Cline report of June 30, Peak Production is estimated 100% gross production when project is at its maximum level 6

7 Exploration & Development Program of Block 14 Fields Kuito - 1 development well BBLT 13 development wells 14 development wells TL 1 appraisal well 6 development wells Negage - - Gabela 1 appraisal well - Remaining area 1 exploration well 2 exploration wells 7

8 Current Galp Energia E&P Portfolio Brazil Angola Block 14 Block 14/K Block 32 Block 33 BM S Blocks Cabinda Exploration Appraisal Development Production Exploration & Production Value Chain 8

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