The latest research by Portuguese energy company Galp has revealed that the Mopane fields offshore Namibia could contain at least 10 billion barrels of oil.
Shares of the Portuguese energy giant jumped more than 20 percent following the revelation. The company says that test operations have been conducted on two wells that have found significant accumulation of light oil (low-sulfur) in high-grade sand reservoirs.
In recent years, Namibia has attracted huge interest from international oil companies looking to increase their production. The discovery in the Mopane field is one of the largest after a series of successful exploration expeditions carried out by competitors of the company Galp. This could help in the great expansion of the oil industry of that African country, writes Oil Price.
This discovery can be compared to more than 11 billion barrels of oil and gas that were discovered in Guyana, in South America.
Galp owns an 80 percent share in the research, which covers an area of as much as 10,000 square kilometers, but the company has already signaled that they are looking for partners, because what is happening is “too big” for them as well. Galp will probably sell a share of the business, and the company has already hired Bank of America to lead the process. In any case, revenues are likely to be in the billions of dollars.
That something serious is happening in Namibia is evidenced by the fact that OPEC is involved in the whole story. Reuters reports that Namibia may soon receive an invitation to join the Organization of Petroleum Exporting Countries, reports Jutarnji.
E.Dz.
