Among the emerging oil stars are two that stand out above all thanks to the enormous potential of their oil deposits. One is the little guyana, where the dream has come true and of an emerging star has gone to almost star consolidated with a raw production of 650,000 barrels per day. Another of them is just as promising, but still produces just oil. This is the case of Namibia, which on Tuesday has confirmed the potential of the great Mopane site with a new finding of the Portuguese Galp, which gives continuity to the discoveries made to date. After the confirmation of this finding that opens the door to new discoveries (crude oil has been found in a new area), Galp shares shoot 7% in the stock market and exceed 16 euros per title.
Galp and Namibia are generating a symbiosis that remembers that of Guyana and Exxonmobil. It is difficult to think about one without the other. It is true that both companies will obtain (Exxon is already doing it) a lot get something out of there. Now, the expectations of growing future cash flows are promoting Galp shares in the market.
Namibia, despite being one of the safest countries in Africa, is located in a complex, little populated area, with an extreme climate and where foreign investment comes with droppers (or arrived). With a population of 2.7 million inhabitants (the Community of Madrid more than duplicates that data), Namibia is one of the least densely populated countries on the planet. It is estimated that it is the sixth country of the world with lower population density, only behind areas such as Greenland or Mongolia. Its population density is only 3.7 inhabitants per square kilometer (in the so -called ‘Spanish Lapia’ the density exceeds 8 inhabitants per square kilometer, so that they get an idea). Namibia is one of the largest deserts in the world.
Its population (that of Namibia) is composed of a rich ethnic and cultural diversity, with several ethnic groups such as the Ovamo, Herero, Nama and San, each with their own languages and traditions. Despite this diversity, English is the official languagewhat facilitates and much business, although many people also speak Afrikáans and indigenous languages. In religious terms, most of the Namibians are Christians, the predominant denomination being the influence of European missionaries during the colonial era. Namibia also wants to become an oil power and generate an even more prosperous economy (Despite the relative poverty of Africa, Namibia is already one of the richest countries).
The new oil discovery
The campaign carried out by the Portuguese company has been in blocks 2813A and 2814b, governed by the 83 -year – Energy Galp as an operator (80%) and Custos Energy and the National Petroleum Corporation of Namibia (Namcor) with 10% participations each. An anonymous oil expert trader believes that this new well could help ensure the amount of 10,000 million barrels of equivalent oil available for the mopane complex and strengthen the proposal of an exploitation with multiple FPSO (giant ships of raw extraction in the sea ). Here you can read the company’s statement.
As GALP has indicated, the Mopane-3x well (Pozo N ° 5) in PEL83, which began on January 2, 2025, It has been explored, perforated and recorded with successeither. Two stacked, AVO-10 and AVO-13 prospects have been recorded, and a deeper sand, in the southeast region of the Mopane complex, at a depth of water of around 1,200 meters.
The exploration license is located near other prospects and discoveries of oil and gas made by other great energy players such as TotalEnergies, Chevron, Shell and Woodsis. Since the firm Custos Energy ensure that the activity in Namibia is frantic and that it is emerging as one of the regions with the greatest exploration and prospects of oil and gas in the world.
Significant oil columns
The Portuguese firm has confirmed that preliminary data indicate the presence of significant columns of light and gas condensate In AVO-10, and columns of light oil in AVO-13 and the deepest sand, in high quality sandstones.
In addition, it is said that the measures of the deposit registration confirm good porosities, high pressures and high permeabilities. Samples for laboratory tests were sent, and initial fluid samples showed a low viscosity of oil and minimum concentrations of CO2 and H2S.
“These additional discoveries in a completely new section of Mopane further demonstrate the scale and quality of the complex. An emerging clarity about Mopane’s multiphase potential is backed by this world -class asset, “says Knowledge Katti, president and executive director of Custos.” We congratulate our Joint Venture partners for another safe and successful output. We are in a unique position in the heart of this province full of hydrocarbons. “
Since preliminary pressures and results are higher than estimated, GALP believes that this will unlock more exploration and evaluation opportunities in the southeast region of Mopane. The data collected will now be integrated into the site model to support the planning of possible future activities. The seismic acquisition campaign of Patent 3D Development is expected to be completed in the first quarter of 2025, and then the acquired information will be processed.
Mopane 3-X is located 18 kilometers from the Mopane-1x Exploration Well (Pozo No. 1), which was drilled in November 2023. Mopane-2x (Pozo No. 2) was drilled in March 2024, followed by the Mopane 1-A evaluation well (Pozo No. 3) at the end of October 2024 and Mopane 2-A (Pozo No. 4) in December. The oil activity in the area is frantic.
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