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Galp Energia Joins Consortium to Develop Gas in Angola

12-07-2007

 In accordance with the terms of article 248 of the Portuguese Securities Code, Galp Energia, SGPS, S.A. discloses the following information:

Galp Energia signed, in Lisbon, an agreement to participate in a consortium for the development of natural gas exploration activities in Angola.

In a first phase this agreement provides for exploration of natural gas reservoirs, located offshore north of Angola. After this stage, and following the conclusion of the evaluation of results achieved, a natural gas liquefaction plant may be constructed, if the volumes encountered during the first phase justify the project.

The consortium, in which Galp Energia holds a participation of 10%, also includes Sonangol Gás Natural, Lda, a subsidiary of Sonangol for natural gas and the consortium operator with 40%, ENI Angola Exploration, B.V. with 20%, Gas Natural West Africa, a company that will include Gas Natural and Repsol, with 20% and Exem Exploration & Production, B.V. with 10%.

Galp Energia is also present in oil exploration and production offshore Angola, through stakes in Block 14, Block 14K, Block 32 and Block 33.