… Galp, TotalEnergies plan three new Mopane wells ahead of 2028 FID target
Galp Energia is considering a further N$13 billion investment in Namibia over the coming years as it advances exploration and appraisal of the Mopane discovery with TotalEnergies ahead of a potential final investment decision (FID) targeted for 2028.
The planned expenditure would come on top of about N$12 billion that Galp says it has invested in Namibia over the past 20 years, taking its potential cumulative investment to around N$25 billion before development and first oil.
Galp Upstream Senior Vice President Adriano Bastos said the next investment programme would fund further work needed to reduce technical and commercial uncertainty around the discoveries.
“Galp has invested so far around N$12 billion, so far. And now, joining us and together, we have to decide the next programme that could cost us another N$13 billion for the next couple of years, that even before we start thinking of development and first oil. So there is a big technical risk, but there is a huge financial risk involved on that one,” Bastos said at the recent Namibia Oil and Gas Conference and Exhibition.
Galp holds interests in Petroleum Exploration Licence 83 (PEL 83), where it made the Mopane discovery following a five-well drilling campaign.
Bastos said PEL 83 extends beyond the Mopane discoveries and contains additional exploration targets that still need to be tested and de-risked.
TotalEnergies is set to become operator of PEL 83, with a further three-well campaign expected to start in November 2026.
“Next, we are planning to drill three more wells, starting now in November, probably November 2026. And that will further de-risk towards a potential FID, that together, we have a target of 2028,” Bastos said.
The campaign is expected to provide additional information on hydrocarbon volumes and help determine the development concept for Mopane.
“We need to drill first. We need the next well that’s key for us on additional volumes, and then you define our strategy for the development of Mopane. But there’s lots to do till you go to FID, but it’s nice to be aggressive. It’s nice to have a target. Time is essence,” Bastos said.
He said the scale of capital required before production underscores the importance of regulatory and investment certainty, particularly given the long-term nature of offshore petroleum developments.
“And second is, as you say, Namibia’s stability, so we know that when you make investment like that, there’s a marriage for the next 30 years at least. We need to understand from the long-term plan where are we going,” Bastos said.
He also highlighted local content as a key consideration as Namibia moves towards potential development, arguing that building domestic industrial capabilities should accompany investment in petroleum projects.
“Local content is a natural course of the industry. If you look at Brazil, for example, look at the higher level they have today of local content. Because it makes business sense to develop capabilities and create where we do operate,” he said.
