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Portuguese energy company Galp Energia announced a major oil discovery off the coast of Namibia, estimating the Mopane field could hold at least 10 billion barrels of oil.
This significant find comes after successful exploration in the Mopane-1X and Mopane-2X wells, located 8 kilometers apart. Testing revealed “substantial light oil deposits within high-quality reservoir sands” in both wells.
The Mopane field sits in Namibia’s Orange Basin, a region attracting significant interest due to prior discoveries by Shell and TotalEnergies.
Galp’s testing yielded promising flow rates, reaching the maximum limit of 14,000 barrels per day, potentially making Mopane a commercially viable project.
“Our preliminary estimates suggest the Mopane complex alone holds at least 10 billion barrels of oil equivalent, with the potential for even greater reserves,” Galp stated.
The company holds an 80% stake in Petroleum Exploration Licence 83 (PEL 83), encompassing nearly 10,000 square kilometers within the Orange Basin.
This discovery presents Namibia as a potential new revenue stream for Galp, which already boasts established operations off Brazil and involvement in Mozambique’s Rovuma Basin natural gas project.
With the potential scale of the Namibian projects, Galp has hinted at attracting additional investors.
Namibia’s burgeoning oil industry has caught the eye of OPEC+, the oil producers’ group. The potential for Namibia to become Africa’s fourth-largest oil producer by the next decade has made it a target for potential membership. This comes as OPEC+ seeks to fill the gap left by the departure of Angola and other producers in recent years.
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