Galp Energia makes “significant” oil discovery in prolific Orange basin offshore Namibia
(WO) – On Wednesday, Jan. 10, Portuguese operator Galp Energia announced a “significant” oil discovery offshore Namibia, in the prolific Orange basin. According to a company statement, Galp and partners NAMCOR and Custos began drilling in PL83 mid-November 2023, with the first well, Mopane-1X, indicating signs of hydrocarbons.
The exploration well unveiled a “significant column of light oil in reservoir-bearing sands of high quality,” the company said. Galp will continue drilling operations at Mopane-1X to explore “deeper targets.” Once completed, Odfjell Drilling’s Hercules semi-sub drilling rig will move to the next exploration well, Mopane-2X, to evaluate the extent of the discovery.
While the company didn’t reveal the size of its offshore discovery, multiple agencies, including Upstream Online and Market Watch, reported that Galp shares and market capitalization rose upon hearing the announcement Wednesday morning, indicating that the discovery may be commercially viable. Additionally, the find is located near previous discoveries made by Shell and TotalEnergies, both of which yielded significant results.
Also on Wednesday, TotalEnergies announced that it’s increasing it’s stakes in two oil fields offshore Namibia, with the goal of developing the large “Venus” discovery, also in Namibia’s Orange basin.
Lead image: Hercules semi-sub drilling rig (Source: Odfjell Drilling)