Galp strikes black gold in Namibia
Potential third major oil find
Galp has detected the presence of light oil in the Orange Basin, with the discovery holding the potential to elevate Namibia as a destination for increased oil exploration.
Portuguese oil company Galp has confirmed the discovery of light oil in its Mopane well and will conduct further test work to assess the commercial viability of the find.
Galp made the find together with its partners, Custos Energy which holds a 10% stake, and the National Petroleum Corporation of Namibia (Namcor), also a 10% equity partner.
"Galp will continue to analyze the acquired data and anticipates performing a Drill Stem Test (DST) in the coming weeks to assess the commercial viability of the
discovery," Custos Energy, equity shareholder in the project said.
"The drilling operations at Mopane-1X will proceed to explore deeper targets. Upon completion, the rig will be relocated to the Mopane-2X location to further evaluate the extent of the Mopane discovery," Galp said.
Custos Energy chairperson and CEO, Knowledge Katti, described the discovery as encouraging.
“The preliminary results of the initial exploration campaign on PEL 83 demonstrate the expanding scope and potential of Namibia’s Orange Basin. We extend our congratulations to our partners Galp and Namcor on this initial discovery," Katti said.
Mines minister Tom Alweendo said the discovery positioned Namibia as an attractive destination for oil producers.
"On behalf of all Namibians, the Ministry extends its congratulations to the Joint Venture partners Galp, Custos and Namcor. This discovery further demonstrates Namibia’s ability to attract top-tier partners making world-scale investments – we look forward to continuing success in this regard," Alweendo said.
Petroleum commissioner Maggy Shino said the discovery had the potential to turn Namibia into an attractive oil exploration and production destination.
"This discovery is a testament to hard work and dedication, and also showcases our ability to unlock world-scale resources turning Namibia into the world’s next great hydrocarbon province," Shino said.
The Mopane well is estimated to hold mean oil-in-place of up to 10 billion barrels. "Mopane represents one of the most significant and attractive known opportunities in the basin today,” Katti previously said.
Katti noted that it could be one of the most significant developments in the Orange Basin.
"The significant prospectivity of PEL 83 together with its relatively shallower water depth, position it to be one of the most significant and profitable developments in the Orange Basin," he said.
The discovery follows on the hills of similar finds by Shell and TotalEnergies last year.
Galp made the find together with its partners, Custos Energy which holds a 10% stake, and the National Petroleum Corporation of Namibia (Namcor), also a 10% equity partner.
"Galp will continue to analyze the acquired data and anticipates performing a Drill Stem Test (DST) in the coming weeks to assess the commercial viability of the
discovery," Custos Energy, equity shareholder in the project said.
"The drilling operations at Mopane-1X will proceed to explore deeper targets. Upon completion, the rig will be relocated to the Mopane-2X location to further evaluate the extent of the Mopane discovery," Galp said.
Custos Energy chairperson and CEO, Knowledge Katti, described the discovery as encouraging.
“The preliminary results of the initial exploration campaign on PEL 83 demonstrate the expanding scope and potential of Namibia’s Orange Basin. We extend our congratulations to our partners Galp and Namcor on this initial discovery," Katti said.
Mines minister Tom Alweendo said the discovery positioned Namibia as an attractive destination for oil producers.
"On behalf of all Namibians, the Ministry extends its congratulations to the Joint Venture partners Galp, Custos and Namcor. This discovery further demonstrates Namibia’s ability to attract top-tier partners making world-scale investments – we look forward to continuing success in this regard," Alweendo said.
Petroleum commissioner Maggy Shino said the discovery had the potential to turn Namibia into an attractive oil exploration and production destination.
"This discovery is a testament to hard work and dedication, and also showcases our ability to unlock world-scale resources turning Namibia into the world’s next great hydrocarbon province," Shino said.
The Mopane well is estimated to hold mean oil-in-place of up to 10 billion barrels. "Mopane represents one of the most significant and attractive known opportunities in the basin today,” Katti previously said.
Katti noted that it could be one of the most significant developments in the Orange Basin.
"The significant prospectivity of PEL 83 together with its relatively shallower water depth, position it to be one of the most significant and profitable developments in the Orange Basin," he said.
The discovery follows on the hills of similar finds by Shell and TotalEnergies last year.
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