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Portugal's Galp says field off Namibia might include 10 bln barrels of oil

Portuguese oil company Galp Energia stated on Sunday it had concluded the very first phase of expedition in the Mopane field off the coast of Namibia and estimated it might have at least 10 billion barrels of oil.

Galp stated it conducted screening operations at the Mopane-1X well in January and the Mopane-2X well in March. In both wells, which are 8 kilometres apart, it stated significant light oil columns were discovered in top quality tank sands.

The Mopane field lies in the Orange Basin, along the coast of the southern African nation, where Shell and France's TotalEnergies have made several oil and gas discoveries.

Galp stated circulations achieved throughout the tests reached the maximum allowed limit of 14 thousand barrels daily, potentially placing Mopane as an essential commercial discovery.

In the Mopane complex alone, and before drilling additional exploration and appraisal wells, hydrocarbon in-place quotes 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 a location of practically 10,000 square kilometres in the Orange Basin.

Namibia could end up being a new source of income for Galp, which presently has strong financial investments off the coast of Brazil and is also present in a natural gas job in Mozambique's Rovuma basin.

Galp has formerly suggested it might launch a process to draw in other investors to its tasks in Namibia, as they might reach a big scale.

The OPEC+ oil manufacturers group, having actually lost Angola and other players in the last few years, is considering Namibia for possible subscription as it establishes what could be Africa's fourth-largest output by the next decade, an African market authorities told .

(source: Reuters)