Galp Energia, SGPS, S.A. GLPEY, a Portuguese integrated energy firm, recently announced a remarkable discovery of oil and gas in Namibia's Orange Basin under its Petroleum Exploration License 83, which was successfully spudded in December 2024. The Mopane-2A well, part of an ongoing exploration and appraisal (E&A) campaign, discovered a hydrocarbon column of gas-condensate in the AVO-3 reservoir with a thin net pay in the reservoir and a hydrocarbon column of light oil in the AVO-4 reservoir.
Both AVO-3 and AVO-4 are high-quality reservoirs with good-quality sands, good porosities and permeabilities. They are characterized by high pressure and low fluid viscosities, containing minimum CO2 and no H2S concentrations.
Namibia recently emerged as a significant hotspot for oil exploration activity because of the discoveries made along its coast. Many oil majors are seizing the opportunities in this emerging frontier, playing a pivotal role in bringing Namibia up within the global oil industry.
Two major oil companies have made some breakthrough oil discoveries in the abovementioned basin. British oil major Shell plc SHEL has made oil discoveries in exploration wells named Graff-1, La Rona-1 and Jonker-1, while French oil major TotalEnergies SE TTE made a significant discovery of light oil along with associated gas on the Venus prospect, located in block 2913B offshore Namibia.
Galp Energia, currently carrying a Zacks Rank #3 (Hold),has successfully drilled and logged the Mopane-2A well in the heart of Namibia’s Orange Basin in partnership with NAMCOR and Custos. GLPEY operates well with an 80% working interest, and the partners carry a working interest of 10% each. The company has successfully established itself as a major player in Namibia, which promises significant economic opportunities in the given prospect and also elevates Namibia's status in the global energy arena. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Galp Energia, along with its partners, will further analyze and integrate all the data that it has acquired during the drilling process to make a better understanding of the Mopane complex and assess its commercial viability.
Saipem-owned Santorini drillship, which has successfully spud Mopane 1-A well and Mopane 2-A well,will now be relocated to the Mopane-3X exploration well, targeting prospects like AVO-10 & AVO-13 as part of the broader E&A campaign in the Mopane area.
Complementing the drilling activities, Galp Energia and its partners will also conduct a proprietary high-density, high-resolution 3D seismic survey across the Mopane complex.
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