Portugal-based energy firm Galp on Tuesday announced a new light oil and gas-condensate discovery offshore Namibia, which has become one of the world’s latest exploration hotspots.

Galp and its minority partners NAMCOR and Custos have found significant light oil and gas-condensate columns in the recently drilled Mopane-3X well.

The reservoir log measures confirm good porosities, high pressures, and high permeability, the company said in a statement. Initial fluid samples show low oil viscosity and minimum CO2 and H2S concentrations.

The company’s proprietary 3D development seismic acquisition campaign is on track to be completed in the first quarter of 2025, and the processing of the information acquired will follow. The discovery comes three months after Galp said it had encountered light oil and gas condensate in high-quality reservoir-bearing sands in the Mopane-1A appraisal well.

In recent years, international majors have scaled back investments in Africa’s legacy producers such as Nigeria and Angola, and have instead opted for exploration offshore Namibia, hoping it would be the next Guyana and the next major oil producer and exporter.

Shell, TotalEnergies, and Galp have announced major oil discoveries in the past two years offshore Namibia, including one giant find in 2024.

At the end of April, Galp Energia said that the first phase of its exploration in the Mopane field offshore Namibia could contain at least 10 billion barrels of oil. TotalEnergies and Shell have already made large discoveries offshore Namibia, kicking off the Namibian oil rush in 2022. TotalEnergies and QatarEnergy are also expanding their efforts to explore for oil and gas in the Orange Basin offshore Namibia, which extends into South African waters.

At the end of 2024, QatarEnergy entered into an agreement to buy from TotalEnergies an additional 5.25% interest in block 2913B (PEL 56) and an additional 4.695% interest in block 2912 (PEL 91), in the Orange Basin, offshore Namibia.

Source: OILPRICE