Galp confirms 10 billion barrels at Namibia Mopane discovery

Portugal’s Galp Energia has confirmed an estimated 10 billion-plus boe at the Mopane discovery offshore Namibia, Upstream Online reported on Monday.

The Mopane discovery is located in the country’s prolific Orange Basin in the PEL 83 block, operated by Galp (80%), with partners Namibian NOC NAMCOR (10%) and local independent Custos Energy (10%).

The company is now planning to sell a stake from the prolific block, according to a report from Reuters late on Monday.

In mid-March, Galp announced it had successfully drilled its second well at the discovery, Mopane-2X , which encountered a significant column with light oil in reservoirs of high quality. The company’s shares rose 7% on that announcement.

The discovery of light oil at the initial probe, Mopane-1X, was announced in January.

Drilling is being conducted with the Odfjell Drilling-managed Hercules semi-submersible.

Lisbon-headquartered Galp Energia is a multinational upstream-focused player with activities in Namibia, Mozambique, Brazil and São Tomé and Príncipe.

The company held a working interest production of 122,000 boepd in 2023.