Galp Energia says it invested approximately N$1.5 billion towards upstream projects in Namibia in the first quarter (Q1) of 2024.
Galp (80% operator), together with its partners NAMCOR and Custos (10% each), in April 2024 completed the first phase of the Mopane exploration campaign, which included two exploration wells and a drill stem test.
“All acquired data from the current Mopane drilling campaign will be analysed and integrated into an updated reservoir model. The model will serve as the basis to refine Galp’s near-term drilling plan to further explore, appraise and develop the wider Mopane complex,” Galp Energia CEO Filipe Silva said.
During this period, the company invested €310 million (N$6.2billion) in net capex, primarily focusing on development and exploration projects in Upstream.
This includes the Bacalhau execution in Brazil, exploration activities in Namibia, and advancing construction on the biofuels unit in Sines.
Galp’s exploration assets in Namibia centre on Petroleum Exploration Licence No 83 (PEL 83), encompassing a vast area in the Orange Basin.
Silva noted that the exploratory activities identified significant oil columns containing light oil in high-quality reservoir sands and confirmed a lateral extension of one identified target.
He highlighted that in the Mopane complex alone, and before drilling additional exploration and appraisal wells, hydrocarbon in-place estimates are 10 billion barrels of oil equivalent, or higher.
“The first quarter of 2024 continues to demonstrate the positive momentum of our operational delivery. We have encountered significant light oil columns in high-quality reservoir conditions, placing Mopane as a potential major commercial discovery. This should support the growth profile of Galp for the next decades to come, as we gradually lower the carbon intensity of our downstream businesses,” he said.
The company plans to undertake an exploration campaign spanning three years involving the drilling of 10 exploration and appraisal wells, along with flow testing.
Additionally, conducting a 3D towed streamer seismic survey campaign covering approximately 4,000 square kilometres in PEL 83.
“Galp plans a further 3D towed streamer seismic survey campaign in PEL 83, towards the end of 2024 and quarter 1 of 2025, which will be around 4,000 square kilometres. Galp will also undertake an OBN seismic acquisition within the area where the 3D towed streamer seismic activities will be conducted, either during the same time or at a later stage to be determined,” said an ESIA notice.
The planned exploration and appraisal activities in PEL 83 require new environmental clearances from the Ministry of Environment, Forestry and Tourism.
Galp Energia has appointed Namisun Environmental Projects & Development (Namisun) to undertake an Environmental Impact Assessment (EIA) for the proposed exploration activities to ensure compliance with environmental regulations.
