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Oil Discovered Off Namibia

Galp Energia Discovers Major Oil Reserves Off Namibia, Eyes Expansion and OPEC+ Membership

Posted on April 29, 2024
Writer: James Miller

Portuguese oil company Galp Energia completed the initial phase of exploration in the Mopane field off Namibia’s coast, revealing potential reserves of at least 10 billion barrels of oil. 

Testing operations at two wells discovered significant light oil columns in high-quality reservoir sands, with flows reaching the maximum limit of 14 thousand barrels per day. Galp holds an 80% stake in Petroleum Exploration Licence 83, covering nearly 10,000 square kilometers. 

This venture could diversify Galp’s revenue streams, complementing its existing investments in Brazil and Mozambique. The company may seek additional investors to scale up its projects in Namibia.

Namibia’s potential as an oil producer is attracting attention, with the OPEC+ group eyeing the country for possible membership. This development could position Namibia as Africa’s fourth-largest oil producer by the next decade. 

The success of the Mopane field’s exploration marks a significant step forward for Galp Energia and underscores Namibia’s emergence as a key player in the global oil industry.

For more information, read the full article on Reuters.

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