• Mining
Monday, October 20, 2025
Mining and Energy Namibia | Namibia’s Leading Mining & Energy News
Subscribe
No Result
View All Result
  • Diamonds
  • Oil & Gas
  • Uranium
  • Green Hydrogen
  • Gold
  • Lithium
  • Energy
  • Copper
  • Zinc
  • Diamonds
  • Oil & Gas
  • Uranium
  • Green Hydrogen
  • Gold
  • Lithium
  • Energy
  • Copper
  • Zinc
No Result
View All Result
Mining and Energy Namibia | Namibia’s Leading Mining & Energy News
No Result
View All Result
Home Oil & Gas

Galp Energia invests N$2.4bn in Namibian upstream projects

by editor
April 9, 2024
in Oil & Gas
2.2k 22
A A
0

Galp Energia says it invested approximately N$2.4 billion (€117m) towards upstream projects in Namibia in 2023, with roughly 61.09% of the total expenditure directed towards local suppliers.

According to Galp Energia CEO Filipe Silva, with over 60% of divisional capex dedicated to growth, Galp’s portfolio encompasses promising ventures, including substantial gas resources in Mozambique and exciting exploration assets in Namibia and São Tomé and Príncipe.

“We recently confirmed the existence of a high-quality hydrocarbon system in Namibia, thus creating the basis for what could become another major growth avenue for Galp,” Silva said.

Galp’s exploration assets in Namibia centre on Petroleum Exploration Licence No 83 (PEL 83), encompassing a vast area in the Orange Basin.

The company holds an 80% working interest in the licence, in collaboration with NAMCOR (10%) and Custos Energy (10%).

The exploration campaign, initiated in November 2023, marked Galp’s return to drilling in Namibia after a hiatus since 2013. The campaign’s objective was to assess the Mopane prospect, involving the drilling of two exploratory wells and one contingent Drill Stem Test (DST).

Recent milestones included the successful drilling and logging of the first exploration well, Mopane- 1X, which confirmed the presence of significant columns of light oil in high-quality reservoir-bearing sands

Subsequent drilling at the Mopane-2X well further bolstered Galp’s position, with the discovery of additional light oil reservoirs.

“We will continue expanding our businesses across the energy value chain, prioritising investment in higher return opportunities and those that consolidate our integrated business model,” Silva said.

Figures from the Integrated Management Report 2023 revealed that the company’s total capex, not considering divestments, totalled €1,076m (N$21.8 billion) in 2023.

Meanwhile, upstream accounted for 54% of total investments, whilst the downstream activities represented 29% and Renewables & New Businesses 13%. The report noted that upstream investments were mainly directed to Brazil, namely Bacalhau and BM-S-11, as well as the start of the exploration campaign in Namibia.

author avatar
editor
See Full Bio
Share467Tweet292

Related Posts

Rhino Resources targets new Orange Basin well following recent oil find
Oil & Gas

Namibia to generate US$1.3 billion from 11 oil and gas exploration wells

  Namibia is expected to generate about US$1.3 billion from 11 exploration and appraisal wells projected for 2025–2026, as the...

October 19, 2025
Funding remains major challenge for SMEs in Namibia’s oil and gas sector
Oil & Gas

Funding remains major challenge for SMEs in Namibia’s oil and gas sector

  Funding remains a major challenge for small and medium-sized enterprises (SMEs) seeking to participate in Namibia’s oil and gas...

October 19, 2025

Recommended

Italy chases African gas to end dependence on Russia

Italy chases African gas to end dependence on Russia

3 years ago
Angola’s Sonamet targets Namibian oil and gas market

Angola’s Sonamet targets Namibian oil and gas market

5 days ago
Load More

Newsletter

Black transparent logo for dark mode

About Us

The Namibia Mining and Energy website is a comprehensive online platform dedicated to showcasing Namibia's mining and energy sectors

Categories

  • Copper
  • Diamonds
  • Energy
  • Gold
  • Green Hydrogen
  • Lithium
  • Mining
  • Namibia
  • News
  • Oil & Gas
  • Opinions
  • Tin
  • Uranium
  • Zinc

Get in touch

Email:newsdesk@miningandenergy.com.na

© 2024 Mining and Energy | All Rights Reserved. The Namibia Mining and Energy website is a comprehensive online platform dedicated to showcasing Namibia's mining and energy sectors.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Diamonds
  • Oil & Gas
  • Uranium
  • Green Hydrogen
  • Gold
  • Lithium
  • Energy
  • Copper
  • Zinc

© 2024 Mining and Energy | All Rights Reserved. The Namibia Mining and Energy website is a comprehensive online platform dedicated to showcasing Namibia's mining and energy sectors.