Galp’s Namibia Find: Potential 10 Billion Barrels of Oil Revealed
Portuguese oil company Galp Energia announced on Sunday the completion of the initial exploration phase in Namibia’s Mopane field, situated off the country’s coast, with estimates suggesting a substantial oil reserve of at least 10 billion barrels.
Galp disclosed that testing operations conducted at the Mopane-1X and Mopane-2X wells, spaced 8 kilometers apart, revealed significant light oil columns within high-quality reservoir sands. Flows achieved during testing reached the maximum permissible limit of 14 thousand barrels per day, indicating the potential for Mopane to be a commercially viable discovery.
The Mopane field, located in the Orange Basin, joins other oil and gas discoveries made by industry giants such as Shell and TotalEnergies along Namibia’s coastline. Galp, holding an 80% stake in Petroleum Exploration Licence 83 (PEL 83), covering nearly 10,000 square kilometers in the Orange Basin, stands poised to leverage this significant resource potential.
With aspirations to diversify its revenue streams, Galp eyes Namibia as a promising prospect amidst its existing investments in Brazil’s offshore ventures and involvement in a natural gas project in Mozambique’s Rovuma basin. Considering the scale of its ventures in Namibia, Galp has expressed interest in attracting additional investors to further develop these projects.
Moreover, Namibia’s emergence as a potential oil producer garners attention from the OPEC+ alliance, seeking to expand its membership and bolster its oil output. With the continent eyeing significant oil production growth in the coming years, Namibia could position itself as a key player in Africa’s energy landscape, offering substantial opportunities for investment and development.
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