Portuguese company strikes oil offshore …another significant find in heart of Orange basin

Home Front Page News Portuguese company strikes oil offshore …another significant find in heart of Orange basin
Portuguese company strikes oil offshore …another significant find in heart of Orange basin

What is believed to be another substantial oil find has been made in the Orange Basin offshore Namibia, an area that has emerged as one of the world’s most prospective oil and gas regions. The latest find of a significant column of light oil in reservoir-bearing sands of high quality was made by Portuguese oil and gas company Galp, as the operator of Petroleum Exploration Licence 83 (PEL 83), at its Mopane-1X well. 

PEL 83 is located immediately north of Shell’s PEL 39, where the initial discoveries were made last year, and is in the vicinity of TotalEnergies’ multi-billion-barrel Venus-1 oil discovery on PEL 56.

Galp holds an 80% interest in the licence area with its partners, the National Petroleum Corporation of Namibia (Namcor) and Custos Investments, each holding a 10% stake. Sintana Energy, a public oil and natural gas exploration company listed on the Toronto Venture Exchange, holds a 49% indirect interest in Custos.

“The continuing success of the initial exploration campaign, including a second light oil discovery at Mopane-1X, further demonstrates the scope and potential of PEL 83. We extend our further congratulations to our partners Galp and Namcor on this second discovery,” stated Knowledge Katti, chairman and chief executive officer of Custos. “This is another significant milestone for Custos, positioning us for further growth and continued success, underpinned by our unmatched position in the heart of the basin”, he added. 

Meanwhile, petroleum commissioner in the mines and energy ministry Maggy Shino noted the announcement of another significant discovery is further testament to the hard work and dedication of the partners involved, as well as another demonstration of the potential for further growth in the oil industry. 

“With this discovery, we are one step closer to harnessing the full potential of this campaign. We wish Galp and its partners Custos Energy and Namcor success with the remaining drilling campaign…We are proud to have achieved this milestone,” she stated. 

Furthermore, Galp has confirmed that a semi-submersible rig, which made the Mopane-1X oil discovery, will relocate to a well closer to discoveries recently made by European oil majors Shell and TotalEnergies. 

“Galp and the JV partners will continue to analyse the acquired data during the coming weeks to assess the commerciality of the discoveries,” read a statement from the consortium.  

Custos is an independent Namibian oil and gas exploration company, focused on attracting investment and expertise to the Namibian offshore industry. 

Founded over a decade ago by Katti, Custos has pledged to continue developing its portfolio with international partners.