Close Menu
Invest Insider News
    Facebook X (Twitter) Instagram
    Tuesday, July 1
    Facebook X (Twitter) Instagram Pinterest Vimeo
    Invest Insider News
    • Home
    • Bitcoin
    • Commodities
    • Finance
    • Investing
    • Property
    • Stock Market
    • Utilities
    Invest Insider News
    Home»Commodities»Galp kick-starts new drilling campaign on coveted Namibia oil block
    Commodities

    Galp kick-starts new drilling campaign on coveted Namibia oil block

    October 25, 20244 Mins Read


    Highlights

    Mopane 1-A appraisal well spudded on Oct 23

    Four-well campaign to give insights on huge find

    Farm-out process for Mopane to take place 2025

    Galp has kicked off a second exploration and appraisal campaign at its high-profile Orange Basin block off Namibia, drilling the first of four wells, according to one the Portuguese energy company’s junior partners in the project.

    Not registered?


    Receive daily email alerts, subscriber notes & personalize your experience.


    Register Now

    The appraisal campaign is being conducted at blocks 2813A and 2814B, part of Petroleum Exploration License 83, where Galp holds an 80% stake, alongside Custos Energy and state-owned Namcor with 10% apiece.

    Toronto-based explorer Sintana Energy, which owns a 49% interest in Custos, said in a statement late Oct. 24 that Mopane 1-A, the first of four wells, had been drilled on Oct. 23 to further test the Mopane discovery.

    Galp, which did not respond to a request for comment Oct. 25, said in April that Mopane could hold as much as 10 billion barrels of oil equivalent in place.

    News of the spud comes after the Santorini drillship, owned by Italy’s Saipem, arrived on location in PEL 83. The Mopane 1-A appraisal well will be followed by one appraisal and two exploration wells, Sintana said.

    “This second campaign on PEL 83 is predicated on providing additional insights into the scope and quality of the Mopane complex,” the Canadian company added. The drilling campaign is expected to last around three months.

    To date, Galp has drilled two wells on PEL 83, with the Mopane-1X well discovering “significant columns” of light oil in high-quality reservoir sands in January 2024, followed by similar results in March at the Mopane-2X well. The pair of wells also confirmed a lateral extension as they were drilled 8 km apart, Galp said.


    “We look forward to the continuing progress on PEL 83, further unveiling the potential and quality of the Mopane complex,” Sintana’s CEO Robert Bose said in the statement. “These efforts should provide additional insights into this world class opportunity and into our broader Orange Basin portfolio located at the heart of this emerging hydrocarbon province.”

    Exploration destination

    Mopane is widely thought to be the largest find to date in Namibia’s Orange Basin, the industry’s most exciting exploration destination, where the Venus and Graff discoveries by TotalEnergies and Shell respectively in early 2022 prompted an influx of upstream players.

    In April, Galp said Mopane was likely to be commercially viable. The Portuguese firm is nevertheless looking to farm out as much as half its stake in PEL 83, which would cut its interest to 40%, with a range of IOCs queueing up to enter the acreage.

    A source familiar with the matter told S&P Global Commodity Insights, on condition of anonymity due to the sensitivity of the situation, that there has been “a tremendous degree of interest including from the supermajors.” Brazil’s Petrobras in particular has vocally expressed an interest in the farm-in as it looks to boost its African portfolio.

    However, Galp CEO Felipe Silva said in July that it was in no “rush” to de-risk the Mopane find, adding that the company expects to have a partner in place “later in 2025” after completing the four-well drilling campaign.

    Namibia does not currently produce any oil or gas and is set for an economic transformation following recent oil discoveries.

    At least four drilling campaigns, including by Galp, France’s TotalEnergies and US giant Chevron, are expected to start before the end of 2024 across the basin.

    Forecasts from S&P Global Commodity Insights suggest the African country’s first oil could come from TotalEnergies’ Venus project in 2029.

    Mopane could come online in 2030 and plateau at 211,000 boe/d in 2037, according to Commodity Insights projections, which alone would make Namibia a significant oil producer.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleLess power from coal, more from natural gas in Kentucky’s future, says state’s largest utility • Kentucky Lantern
    Next Article FTSE 100 set for weekly losses on mixed earnings, budget anticipation

    Related Posts

    Commodities

    Indonesia relaxes import rules for 10 commodities, including footwear

    June 30, 2025
    Commodities

    Gold Price Prediction: Yellow metal at 1-month low, but downside looks cushioned. Analysts weigh in

    June 30, 2025
    Commodities

    Indonesia eases import rules ahead of US tariff deadline

    June 29, 2025
    Leave A Reply Cancel Reply

    Top Posts

    Action Ganglong China Property Group Limited | Cours 6968 Bourse Hong Kong S.E.

    July 31, 2007

    les fondamentaux de l’or restent bons

    September 4, 2007

    les fondamentaux de l’or restent bons

    September 4, 2007
    Stay In Touch
    • Facebook
    • YouTube
    • TikTok
    • WhatsApp
    • Twitter
    • Instagram
    Latest Reviews
    Property

    UK Developer Buys Further Lane Property for $12 Million, Begins To Build Anew

    April 30, 2025
    Property

    China may weaponise service trade to hit back against US tariffs: commentators

    April 9, 2025
    Finance

    Finance genevoise: attention à l’épée de Damoclès

    March 2, 2025
    What's Hot

    Equinor may reconsider investing in UK oil sector if taxes rise

    August 28, 2024

    European Markets Surge. German Stocks Are Winning Again.

    April 23, 2025

    Je suis en guerre à temps plein. Et je ne m’arrêterai que lorsque je retrouverai mon disque dur avec mes 745 millions d’euros de Bitcoin

    February 18, 2025
    Most Popular

    Asia report: Most markets rise despite China disappointment

    October 14, 2024

    Silk Road Token Movement Sends Bitcoin Price (BTC) Below $67K

    July 29, 2024

    EM Asia sees $6 bln inflows in recovery from summer selldown- Goldman Sachs By Investing.com

    August 26, 2024
    Editor's Picks

    Les 5 personnalités les plus riches du Burkina Faso en 2025 (Infographie)

    February 15, 2025

    Low Carbon et Danske Commodities signent un accord d’équilibrage au Royaume-Uni

    April 22, 2025

    Ocado soars after lifting FY guidance; technology business leading By Investing.com

    July 16, 2024
    Facebook X (Twitter) Instagram Pinterest Vimeo
    • Get In Touch
    • Privacy Policy
    • Terms and Conditions
    © 2025 Invest Insider News

    Type above and press Enter to search. Press Esc to cancel.