June 22, 2024
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Namibia’s Mopane Field Soars to 10 Billion Barrels

Portuguese oil company Galp Energia (GALP.LS) announced on Sunday the successful completion of the first phase of exploration in the Mopane field off the coast of Namibia, estimating a potential reserve of at least 10 billion barrels of oil.

Testing operations conducted at the Mopane-1X well in January and the Mopane-2X well in March revealed significant light oil columns in high-quality reservoir sands, Galp reported. The wells, situated 8 kilometres apart in the Orange Basin, yielded flows reaching the maximum limit of 14 thousand barrels per day during testing, indicating the potential for Mopane to be a substantial commercial discovery.

Galp holds an 80% stake in Petroleum Exploration Licence 83 (PEL 83), covering an area of nearly 10,000 square kilometres in the Orange Basin. With strong investments in Brazil and a natural gas project in Mozambique’s Rovuma basin, Namibia presents a promising new revenue source for Galp.

The discovery comes amid OPEC+ interest in Namibia for possible membership, seeking to bolster Africa’s oil output in the coming decade. With Angola and other players exiting the group in recent years, Namibia’s potential as a major oil producer has garnered attention from industry officials and investors alike.

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