Portuguese energy company, Galp Energia, has disclosed that it is is de-risking exploration opportunities already in its portfolio and moving exploration focus to other countries, which includes Namibia.
GalP will focus on the areas in Namibia and São Tomé and Príncipe, and act on high potential resources that may prove economically and sustainably feasible, the company has stated in its 2023 annual report.
Throughout 2023, Galp prepared the current exploration campaign in PEL 83 offshore Namibia, securing key contracts and licences, and mobilising its forces to safely initiate a two back-to-back exploration wells campaign in November 2023.
Galp said already in 2024, the exploration activities in the two wells confirmed significant light oil columns and showcased evidence of positive reservoir characteristics in terms of porosity and permeability.
Already in 2024, drilling and logging activities in the first exploration well, Mopane-1X, confirmed the discovery of two significant columns of light oil in reservoir-bearing sands of high quality.
The rig was then relocated to the second exploration well location, Mopane-2X, which confirmed the lateral extension of the discovery made on the Mopane-1X well, also revealing light oil in other targeted reservoirs.
Galp began the exploration campaign by spudding the Mopane prospect in November 2023, through two back to back exploratory wells.
“Early results indicate the presence of light oil and positive reservoir characteristics in terms of porosity and permeability,” the company said.
Galp’s exploration assets in Namibia consist of Petroleum Exploration Licence No 83 (PEL 83), which covers an area of almost 10 000 km in the Orange Basin, located in the southern part of Namibia’s offshore waters near to the border with South Africa. The company holds an 80% working interest in the Licence along with the state Oil Company, Namcor (10%), and the local Namibian independent oil company, Custos Energy (10%).
The company said the exploration in 2023, represented the company’s return to drilling in Namibia for the first time since 2013.
Galp currently operates in Africa through its stakes in five companies. It is the market leader in Cape Verde and Guinea and has a relevant position on the other countries where it operates.
“The company has been consolidating its position in a selected group of African countries, where significant market growth is anticipated. The quality of the products, as well as the geographical location and synergies with the existing logistic and business capacities, serve as key competitive advantages that contribute to the development of Galp’s presence in these countries,” Galp said.
