Galp Confirms Potential 10 Billion Barrel Oil Reserves in Namibian Discoveries

Portuguese energy company Galp Energia has concluded appraisal activities at its Mopane 1-X and 2X discoveries offshore Namibia, uncovering a potential oil reserve of at least 10 billion barrels.

Testing at Mopane-1X was finalized in January, while testing at Mopane-2X took place from early March to early April this year.

“The flows achieved during the well test have reached the maximum allowed limits of 14,000 barrels of oil equivalent per day, potentially positioning Mopane as an important commercial discovery,” states Galp Energia in a regulatory filing.

Galp Energia’s shares increased by 21% in Lisbon, following the exploration results, as the company gears up to sell half of its 80% stake in the Mopane field to raise funds to develop the discoveries.