Of note, "When Mopane was found, Galp estimated that the entire...

Of note, "When Mopane was found, Galp estimated that the entire complex held in-place resources of about 10 billion boe. The annual report said this resource estimate is based on full data from the Mopane-1X and 2X wells and partial data from Mopane-1A." That is, the figure excludes Mopane-3X which was announced on Feb 25 (link). Sintana's Robert Bose said recently regarding Mopane-3X, "This well was probably one of the best wells that was drilled in the complex, of all of them. The results were better than expected across almost every parameter. Better porosity, permeability, better reservoir quality. The pressures were excellent. There were intersections of multiple reservoirs returning high quality columns of light oil and condensate in high quality sands. This has the potential to open up an entirely new development hub in the complex which is just a fantastic development." Expect that 10 billion boe to end up being a lot higher.

Galp unveils resource number for mighty Mopane discovery

"Galp’s big Mopane discovery offshore Namibia holds contingent resources of at least 700 million barrels of oil equivalent, an estimate likely to be boosted further once the operator has incorporated the full data from its two most recent exploration and appraisal wells. Located in Petroleum Exploration Licence 83 of the Orange basin, Mopane was discovered in early 2024 by the Mopane-1X exploration well, with Galp immediately drilling the Mopane-2X well and carrying out a drill stem test that flowed at a constrained rate 14,000 boe per day. Drilled in water depths of 1200 to 1900 metres, these initial probes hit light oil and gas condensates in high-quality Upper Cretaceous sandstones with good porosities, high pressures and high permeabilities. Galp said at the time that fluid samples indicated very low viscosity oil, with minimal carbon dioxide and no hydrogen sulphide.

A second drilling campaign began in October 2024, with the Mopane-1A and Mopane-2A wells — focused on appraising the northwest region of the hydrocarbon complex — both completed in 2024. In early 2025, Galp started drilling the Mopane-3X exploration well, targeting two stacked prospects in the southeast region of the complex. Preliminary information confirmed light oil and condensates columns in the identified targets and a deeper sand, with the operator reporting in a high-quality sandstone reservoir with high pressures, permeabilities and porosities. Based on data from the first three Mopane wells, about 700 million boe of proven, probable and possible contingent resources have been discovered at Mopane, according to Galp’s annual report which was published on Monday.

When Mopane was found, Galp estimated that the entire complex held in-place resources of about 10 billion boe. The annual report said this resource estimate is based on full data from the Mopane-1X and 2X wells and partial data from Mopane-1A, stressing that the independent assessment undertaken by DeGolyer & MacNaughton only considered information provided up to 30 November 2024. “Galp and partners continue to analyse and interpret all data obtained from the campaigns, focusing on potential development concepts in the northwest and southeast regions as well as determining further potential exploration and appraisal activities,” said the annual report.

In addition, last month, Galp concluded a proprietary, 3500-square-kilometre 3D high-resolution seismic shoot over the southern part of PEL 83. Speaking at an African Energy Chamber webinar a few weeks ago, Namibia’s Petroleum Commissioner Maggy Shino told listeners that the 3D survey will help formulate a development plan, including the siting of appraisal wells and, “probably,” production wells. She said the PEL 83 partners are working around the clock to ensure “we move at a fast pace to appraise these discoveries". Shino also told webinar listeners that that the government and Mopane partners aim “to inform you very shortly of the volumetrics we are seeing” amid a drive to take a final investment decision on a project “very, very soon.

Galp reported that Namibian expenditures in 2024 totalled to €312 million (about $340 million) on a 100% basis. Its 2024 annual report carried a message from its co-chief executives Maria Joao Carioca and Joao Diogo Marques da Silva about Mopane. They said the company remains “encouraged” as its continues to analyse and interpret the “vast amount” of data collected. Galp switched heavily into renewable investments under its former chief executive Filipe Silva, but the scale of the Mopane discovery looks set to influence its future strategy. “We are maturing our energy transition path, taking into account in particular the ongoing portfolio evolution following the potentially transformative Mopane discovery,” wrote Carioca and Marques da Silva.

Galp’s annual report said it has “not overlooked” the “potential implications” of the Mopane discovery and exploration on the company’s overall portfolio and sustainability targets. “After an effort to accelerate the de-risking of the asset through safely executed exploration and appraisal campaigns… Galp’s focus currently remains on analysing and integrating the data being collected. A sound interpretation of it is paramount in supporting any feasibility assessment.” Galp has an 80% stake in PEL 83 — which it will farm-down — and is partnered by state-owned Namcor and local player Custos Energy, each with 10% interests."