In an announcement posted on its web site on Tuesday, Galp stated it has efficiently drilled, cored, and logged the Mopane-3X properly in Petroleum Exploration License 83 (PEL 83), offshore Namibia.
The properly was spudded on January 2, in accordance with the assertion, which highlighted that Mopane-3X is located 18km away from the Mopane-1X properly. Galp famous within the assertion that Mopane-3X “focused two stacked prospects, AVO-10 & AVO-13, and a deeper sand, within the southeast area of the Mopane complicated, at c.1,200 m water depth”.
“Preliminary knowledge affirm gentle oil and gas-condensate important columns throughout AVO-10, and lightweight oil columns on AVO-13 and on the deeper sand, in high-quality sandstones,” Galp stated within the assertion.
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“The reservoirs log measures affirm good porosities, excessive pressures and excessive permeabilities. Preliminary fluid samples present low oil viscosity and minimal CO2 and H2S concentrations. Samples have been despatched for lab testing,” it added.
“Mopane-3X increased than estimated pressures and preliminary outcomes unlock additional exploration and appraisal alternatives within the southeast area of Mopane,” it continued.
Within the assertion, Galp stated all acquired knowledge shall be built-in into the reservoir mannequin and help the planning of potential additional actions.
Rigzone requested Galp if it had any manufacturing estimates for Mopane-3X. The corporate declined to remark.
A BofA World Analysis report despatched to Rigzone on Wednesday stated, “final week Galp confirmed it was engaged on maturing a primary growth idea for its Namibian discoveries and its newest exploration outcome now unlocks a second distinct potential manufacturing hub”.
“We see the now tangible prospect of a multi-development runway as prone to garner larger business curiosity when Galp re-engages in its deliberate farm-down course of,” it added.
The BofA World Analysis report famous that “Galp’s Mopane discoveries in Namibia matter”, including that the corporate’s “80 % fairness stake in a 150,000 barrel per day FPSO idea equates to 120,000 barrels per day internet barrels”.
“This eclipses its FY25 information of >105,000 barrels per day. Every growth may double present manufacturing; two developments triple mid-2030 manufacturing to >300,000 barrels of oil equal per day,” the report said.
The BofA World Analysis report additionally famous that Galp “has not superior onerous knowledge disclosure since its April 2024 10 billion barrel oil equal, or increased, in-place disclosure”.
“Now we have noticed investor fatigue while clear recoverable oil portions stay unquantified … But Galp’s communication have crucially famous: important oil columns, high-pressure, good to excessive permeability and good porosity,” the report stated.
“Galp prior CEO was additionally clear that gasoline content material was not anticipated to be a problem for challenge commercialization. We consider drilling outcomes submit the ten billion announcement have been above expectations,” it went on to state.
Rigzone has contacted Galp for touch upon the BofA World Analysis report. On the time of writing, Galp has not responded to this Rigzone request.
In an announcement posted on its web site on April 21, 2024, Galp said that, “within the Mopane complicated alone, and earlier than drilling extra exploration and appraisal wells, hydrocarbon in-place estimates are 10 billion barrels of oil equal, or increased”.
Galp notes on its web site that its upstream portfolio in Namibia consists of PEL 83. The corporate holds an 80 % stake on this license, in accordance with its web site, which highlights that PEL 83 “covers an space of virtually 10,000 sq. kilometers within the Orange Basin, positioned within the southern a part of Namibian waters, near the border with South Africa”.
Galp factors out on its web site that it’s current in 10 international locations and three continents. Its companies embody “Upstream, Industrial and Midstream, Business, and Renewables and New Companies”, the positioning highlights.
To contact the creator, electronic mail andreas.exarheas@rigzone.com
