Galp Energia, a Portuguese energy company, has announced a significant oil discovery in the Orange Basin, offshore Namibia. The company said the Mopane-1X well encountered two large oil columns in high-quality reservoirs, and that it plans to drill a second well, Mopane-2X, to appraise the extent of the find.
The discovery is a major boost for Namibia, a country that has been exploring for oil and gas for decades but has yet to produce any commercial hydrocarbons. Namibia hopes to use its natural resources to diversify its economy, reduce its dependence on imports, and create jobs and opportunities for its people.
Galp holds an 80% stake in the exploration license PEL 82, where the Mopane wells are located, while the state-owned Namcor and Custos Energy have 10% each. Galp said it is open to bringing in a partner to share the risk and cost of developing the discovery, which could require significant investment and infrastructure.
The Orange Basin is one of the most promising frontier areas in Africa, with several major discoveries made by Shell, TotalEnergies, and others in recent years. The basin is estimated to hold billions of barrels of oil and gas, and has attracted interest from international oil companies and investors.
Galp’s CEO Filipe Silva said the company is “acutely aware” of the need to bring the Namibian oil to production “as soon as possible”. He said the company is doing a lot of work to evaluate the commerciality and the best development option for the discovery, which he described as “sizeable” and “very encouraging”.
Galp is also committed to producing oil and gas in a sustainable and responsible way, in line with its net-zero ambition by 2050. The company has invested in renewable energy projects, such as solar and wind, and has pledged to reduce its carbon intensity and emissions. Galp said it will apply the highest environmental and social standards to its operations in Namibia and elsewhere.
Namibia’s Petroleum Commissioner Maggy Shino welcomed Galp’s discovery and said it is a testament to the country’s potential and attractiveness. She said the government is working closely with the oil companies to fast-track the development of the discoveries and to ensure that the benefits are shared with the Namibian people and the environment.
Source: Energy Voice
