10 Billion Barrels Of Oil Discovered Off Namibia’s Coast

10 Billion Barrels Of Oil Discovered Off Namibia's Coast - Merchant Navy Info - news

LISBON, April 21 (Reuters)—Galp Energia, the Portuguese oil company, has made a significant stride in the oil and gas industry. On Sunday, it announced the successful ending of the first phase of exploration in the Mopane field off the coast of Namibia. The company estimates a potential reserve of at least 10 billion barrels of oil. A discovery that could reshape the energy landscape in the region.

Galp said it performed testing operations at the Mopane-1X well in January and the Mopane-2X well in March. Both wells, 8 kilometers apart, said, “Powerful light oil columns were discovered in high-quality reservoir sands.”

The Mopane field is located in the Orange Basin, which runs along the southern African country’s coast. Shell (SHEL.L) and France’s TotalEnergies (TTEF.PA) have made many oil and gas discoveries in this basin.

Galp said the flows achieved during the tests reached the maximum allowed limit of 14,000 barrels daily. Position Mopane as an important commercial discovery.

Mopane complex near Namibia coast great results

“In the Mopane complex alone. Before drilling additional exploration and appraisal wells, hydrocarbon in-place estimates are 10 billion barrels of oil equivalent, or higher”, Galp said.

Galp holds an 80% stake in Petroleum Exploration Licence 83 (PEL 83), which covers an area of almost 10,000 square kilometers in the Orange Basin.

With this successful exploration, Namibia could emerge as a promising new revenue source for Galp Energia. The company already has strong investments off the coast of Brazil. Also, present in a natural gas project in Mozambique’s Rovuma basin. It is now eyeing Namibia’s potential. This development opens up exciting new investment opportunities in the region.

Galp Energia is looking to help from Namibia’s potential and share this opportunity with other investors. The company intends to attract more investors to its projects in Namibia. It could lead to considerable growth and development in the region’s oil and gas sector.

The OPEC+ oil producers group, has lost Angola and other players in recent years. It is eyeing Namibia for possible membership as it sets up what could be Africa’s fourth-largest output by the next decade. An African industry official told Reuters.

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