Portuguese company is involved in four of the 20 most important oil discoveries since the beginning of the century. First results point to 14 thousand barrels per day.
With the oil wells discovered by Galp off the coast of Namibia, Portugal has a significant position in the world market, by having a national company that not only owns 80% of the 8th largest well discovered since the beginning of the century ( see info.), but also has shares in three other large explorations that are ongoing.
With a potential capacity of 10 billion barrels, Galp experts consider a minimum return coefficient of 30% (three billion barrels) in oil and gas. The distance between the two wells is approximately 8 km.
Galp proved the potential for the existence of oil offshore Namibia with the conclusion of an exploratory campaign in 2013. In 2016, it secured oil exploration licenses and within three years delivered environmental impact assessments for potential campaigns. The drilling of an exploratory well began to be planned in 2022 and tests carried out this year revealed significant oil columns. In the Mopane field, the latest tests revealed oil with good quality and “low viscosity”. During drilling, there was a strong flow of oil, with an extraction capacity of 14 thousand barrels per day.Galp plans to invest around 270 million euros in oil prospecting in Namibia in 2023 and 2024 and has put half of the 80% stake in the Mopane project up for sale. Last year, the Portuguese oil company channeled 117 million euros into the exploration campaign in that African country.
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NEW RECORD SHARES
Galp shares ended the session this Tuesday appreciating 3.7% (€20.06), a new record, making the company worth €15,508 million. The Amorim family, led by Maria Fernanda Amorim, the oil company’s largest shareholder (35.76%), raised over 196 million euros in appreciation.
Galp Foundation
This Tuesday, the ‘Diário da República’ published the renewal of the Galp Foundation’s “status of public utility” for another 10 years.
