Upstream in Namibia

In the first half of 2024, Galp (80%, operator), together with its partners NAMCOR and Custos (10% each), successfully completed the first phase of the Mopane exploration campaign, comprising two exploration wells and one drill stem test (DST). 

Mopane-1X (well #1) discovered, in January, significant oil columns containing light oil in high-quality reservoir sands at two different levels, AVO-1 and AVO-2. In March, the rig moved to the Mopane-2X location (well #2), where significant light oil columns were discovered in high-quality reservoir sands across exploration and appraisal targets, namely AVO-3, AVO-1, and a deeper target. In particular, the Mopane-2X well found AVO-1 to be in the same pressure regime as the Mopane-1X discovery well, around 8 km to the east, confirming its lateral extension. 

Testing operations followed suit, in April, with a DST performed in well #1. The reservoir log measures confirmed good porosities, high pressures, and high permeabilities in large hydrocarbon columns. Fluid samples presented very low oil viscosity and contained minimum CO2 and no H2S concentrations. 

Considering the successful first phase of the exploration campaign, partners moved towards a 4-well and 2 DST Exploration & Appraisal (E&A) campaign. 

In November 2024, Mopane-1A (well #3) encountered light oil and gas-condensate in high-quality reservoir-bearing sands, once again indicating good porosities, high permeabilities, and high pressures, as well as low oil viscosity characteristics with minimum CO₂ and no H₂S concentrations. Together with the Mopane-1X (well #1) and Mopane-2X (well #2) findings, this appraisal well confirmed the extension and quality of AVO-1.

In December, Galp and its partners decided to retain the Santorini drillship to continue the ongoing E&A campaign during the southern hemisphere summer taking advantage of favorable market conditions. Mopane-2A (well #4) was spud on December 1st to appraise AVO-3, one of the zones intercepted by the earlier Mopane-2X well. Mopane-3X (well #5) is expected to be spud in early 2025, targeting two prospects, AVOs 10 & 13.

The upcoming activities also include a high-density and high-resolution proprietary 3D development seismic campaign over the Mopane complex set to start in December 2024.

Galp is planning an exploratory well, to be drilled in late 2023 or early 2024.

Nearby oil discoveries in the Graf-1 and Venus-1 wells, drilled by Shell and TotalEnergies respectively, have proven the presence of a functional oil system in the Orange basin, and with PEL 83 being located immediately to the north-northeast of these discoveries, the results could have an impact on the prospectivity of PEL 83.

Therefore, in September 2021, the partners of PEL 83 agreed to enter into the second two-year exploration period with the possibility of being extended for an additional year, until the 2^nd of September 2024.

Analysing the results of the 3D seismic acquisitions of PEL 82 and PEL 83 to identify potential prospects and leads.

PEL 83 consortium successfully completes 3D seismic acquisition campaign, covering an area of 3,000 km², with zero health, safety and environmental incidents, on time and on budget.

Galp delivers the Environmental Impact Assessments for potential drilling campaigns in both oil exploration licences.

PEL 82 consortium successfully completes 3D seismic acquisition campaign, covering an area of 5,000 km².

Galp reaches agreement with the Namibian government to secure oil exploration licences in PEL 82 (previously PEL 23), in the Walvis basin, and PEL 83 (previously PEL 28), in the Orange basin.

Completion of an exploratory campaign, with the drilling of the Wingat and Murombe wells in the Walvis basin and the Moosehead well in the Orange basin.

Although the campaign did not result in any commercial discoveries, the potential for oil offshore Namibia has been proven.

Galp signs a farm-in agreement for the acquisition of a 14% stake in three oil exploration licences located offshore Namibia: PEL 23, in the Walvis basin, PEL 24 and PEL 28, both in the Orange basin.