Galp discovers two more “good quality” oil and gas reservoirs in Namibia

Condensate gas and light oil reservoirs have technical characteristics favorable to exploration. The company will drill a fifth well in Namibia in January.

Galp Energia announced the discovery of two new reservoirs of hydrocarbons in Namibia, following the successful drilling of the fourth exploration well, Mopane-2A, located in the Petroleum Exploration License block 83 (PEL 83).

The statement sent this Tuesday to the Securities Market Commission (CMVM) revealed that the reservoirs present “good quality”with technical characteristics favorable for exploration, reports .

According to the company, a gas-condensate reservoir and a light oil reservoir were identified, both with good properties, such as high porosity and permeability, as well as low viscosity fluids. It is important to highlight that, as in previous wells, no contacts with water were found.

A Galp owns 80% of the projectwhile partners NAMCOR and Custos have 10% each. The oil company states that it will continue to analyze the new data obtained to deepen understanding of the Mopane complex, in addition to evaluating the commercial viability of the discoveries.

The next step will be to drilling of a fifth wellscheduled to start on January 1, 2025, with the aim of exploring two new areas. The company projects that the exploration process for the next two wells in the Mopane complex will be completed by the end of next year, as reinforced by CEO Filipe Silva.

Despite the findings, the financial market showed skepticism. Galp’s shares opened down 4.5%, to 15,915 euros. This reaction reflects possible prudence on the part of investors in the face of the challenges of commercialization and exploration in hydrocarbon projects in new territories.

Namibia has been a strategic focus for Galp, with this being the seventh public update on operations in the country. Last month, the company revealed that drilling of a fourth well in the Mopane block was scheduled for summer 2025, reinforcing its commitment to maintaining a solid position in the project.