Investor Presentaiton

Bacalhau I project in Brazil as a key growth lever and one of the most attractive projects in the industry c.$8 bn Total investment (100% basis - Galp stake 20%) +40 kbpd WI production at plateau (net to Galp) FPSO with 220 kbpd to be one of the largest and most technologically advanced Currently executing topside integration after FID for Phase I in June 2021 2025 Execution on track for first oil expected date <$35/bbl Highly competitive NPV 10 breakeven at FID Drilling & subsea installation campaigns currently underway >1 bn bbl Recoverable volumes c.9 kg CO₂e/bbl Low carbon intensity 14 Investor Presentation MODEC galp

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