popular articles

Supermajors Vie for Stake in Galp’s Massive Mopane Oil Discovery in Namibia

The world's largest oil companies are competing to secure a share of Galp's significant Mopane oil discovery in Namibia's Orange Basin, estimated at 10 billion barrels of oil equivalent.

Please share:

The world’s leading oil companies are seeking to get involved in Galp’s major Mopane oil discovery in the Orange Basin in Namibia. This discovery, considered the most important so far in this dynamic exploration region, has generated strong interest among international investors.

Galp currently holds 80% of the Mopane development, alongside the national company Namcor and Namibia-based Custos, each holding 10%. Sintana Energy, a Toronto-based exploration company, holds a 49% stake in Custos, thus enhancing the interest of foreign investors in this project.

Investment Opportunities and Potential Partnerships

Galp is willing to sell up to half of its stake in Mopane, which would leave it with 40% of the discovery. However, before proceeding with this sale, the company plans to drill four additional wells on the license in the fourth quarter of 2024. Filipe Silva, CEO of Galp, stated in July that he was not in a hurry to reduce the risks associated with the discovery.

Any potential partner company must demonstrate a willingness to quickly develop the field and contribute the necessary capital expenditures. Galp expects to finalize a partnership by the end of 2025, although the bidding process is already open, indicating strong interest from the supermajors.

Interest from Supermajors and Development Prospects

Sources report “tremendous” interest from supermajors, including Chevron, TotalEnergies, Woodside, and Shell, in a stake in Mopane. Silvia dos Anjos, Exploration and Production Director at Brazilian oil and gas giant Petrobras, expressed the Brazilian state-owned company’s intention to seek the entire 40% stake available.

Petrobras aims to expand its presence in Southwest Africa, capitalizing on its deepwater experience and recent acquisitions of exploration stakes in São Tomé and Príncipe and South Africa. According to Anjos, Africa represents a strategic opportunity for the company’s international growth.

Economic Impact and Future of Oil Production in Namibia

The Mopane discovery, located in Petroleum Exploration License 83 of the Orange Sub-basin, covers an area of 535 square kilometers with water depths of up to 1,680 meters, according to data from Commodity Insights.

Galp has drilled two wells, Mopane-1X and Mopane-2X, which have revealed significant columns of light oil in high-quality reservoir sands, while also confirming a lateral extension, as the wells were drilled 8 kilometers apart.

According to estimates from Commodity Insights, the Mopane field is expected to reach commercial production by 2030 and plateau at 211,000 barrels of oil equivalent per day by 2037. This discovery adds to the significant Venus and Graff discoveries made by TotalEnergies and Shell in 2022, enhancing the appeal of the Orange Basin for major exploration and production firms.

Next Steps and Challenges to Overcome

Galp plans to continue drilling additional wells to fully assess the potential of Mopane before finalizing any stake sale agreements. The need for partners capable of quickly mobilizing financial and technical resources is a key challenge to accelerate the field’s development.

Furthermore, Namibia, which currently does not produce any hydrocarbons, could become a major player in the African oil sector, thereby transforming its economy through ongoing investments and exploration activities in the region.

Register free of charge for uninterrupted access.

Publicite

Recently published in

OPEC Secretary General Haitham Al Ghais emphasizes the need to reconcile energy security with emission reduction goals, in light of the International Energy Agency's (IEA) approach.
The DBM-1 ST2 appraisal well confirms a significant oil discovery offshore Gabon. The Bourdon project could add up to 25 million recoverable barrels to BW Energy's reserves, further strengthening the Dussafu licence development.
The DBM-1 ST2 appraisal well confirms a significant oil discovery offshore Gabon. The Bourdon project could add up to 25 million recoverable barrels to BW Energy's reserves, further strengthening the Dussafu licence development.
Woodside Energy recorded stable production and revenues of 3,315 million USD in Q1 2025, with a notable increase in production at Sangomar, but a slight decline due to weather impacts at other sites.
Woodside Energy recorded stable production and revenues of 3,315 million USD in Q1 2025, with a notable increase in production at Sangomar, but a slight decline due to weather impacts at other sites.
Canadian company TAG Oil has completed the sale of its interests in five production permits in New Zealand to Kiwi Royalty Limited, for a total consideration of up to USD 2.5 mn.
Canadian company TAG Oil has completed the sale of its interests in five production permits in New Zealand to Kiwi Royalty Limited, for a total consideration of up to USD 2.5 mn.
The Egyptian government is launching a 75-well drilling campaign in the Eastern Desert, aiming for a 9% increase in crude output in fiscal year 2024/2025.
Reconnaissance Energy Africa has signed a memorandum of understanding with ANPG to explore 5.2 mn onshore acres in Angola, expanding its operations into the Damara Fold Belt and Rift Basin.
Reconnaissance Energy Africa has signed a memorandum of understanding with ANPG to explore 5.2 mn onshore acres in Angola, expanding its operations into the Damara Fold Belt and Rift Basin.
The IMF forecasts robust economic growth for Libya in 2025 driven by oil, but warns that structural reforms are essential to avoid renewed vulnerability to global market shocks.
The IMF forecasts robust economic growth for Libya in 2025 driven by oil, but warns that structural reforms are essential to avoid renewed vulnerability to global market shocks.
The United States has sanctioned Shandong Shengxing Chemical Co., accused of purchasing Iranian oil. This move is part of the "maximum pressure" strategy against Iran, aimed at limiting its oil exports.
The United States has sanctioned Shandong Shengxing Chemical Co., accused of purchasing Iranian oil. This move is part of the "maximum pressure" strategy against Iran, aimed at limiting its oil exports.
Rönesans Holding announces a major $2 billion investment to build a polypropylene (PP) production plant in Ceyhan, Turkey, in partnership with SONATRACH and Stolt-Nielsen. This project is expected to strengthen the country’s industrial self-sufficiency.
Libya begins an international promotional tour to present 22 oil blocks, aiming to revive a strategic sector affected by years of instability.
Libya begins an international promotional tour to present 22 oil blocks, aiming to revive a strategic sector affected by years of instability.
Tullow Oil sold its stakes in the Lokichar Basin to Gulf Energy while retaining a future entry right, marking a new step in its debt reduction strategy in Kenya.
Tullow Oil sold its stakes in the Lokichar Basin to Gulf Energy while retaining a future entry right, marking a new step in its debt reduction strategy in Kenya.
US crude reserves rose by only 500,000 barrels, falling short of forecasts, while exports reached their highest level in a year.
US crude reserves rose by only 500,000 barrels, falling short of forecasts, while exports reached their highest level in a year.
Amplify Energy has amended the terms of its merger with Juniper Capital, which will inject an additional $10 mn in cash to strengthen the combined entity's financial position amid oil price volatility.
The International Energy Agency anticipates weaker oil demand growth in 2025, driven by US tariff tensions disrupting market stability and weighing on the shale oil sector.
The International Energy Agency anticipates weaker oil demand growth in 2025, driven by US tariff tensions disrupting market stability and weighing on the shale oil sector.
British group BP has announced a new oil discovery in the deep waters of the Gulf of Mexico, strengthening its investment strategy in hydrocarbons with the aim of increasing production by 2030.
British group BP has announced a new oil discovery in the deep waters of the Gulf of Mexico, strengthening its investment strategy in hydrocarbons with the aim of increasing production by 2030.
International Petroleum Corporation repurchased 277,060 common shares between 7 and 11 April under its ongoing share buyback programme, using the Toronto and Stockholm exchanges.
International Petroleum Corporation repurchased 277,060 common shares between 7 and 11 April under its ongoing share buyback programme, using the Toronto and Stockholm exchanges.
CNOOC Limited has begun production at the offshore Wenchang 9-7 oilfield, located in the western Pearl River Mouth Basin, targeting 12,000 barrels of oil equivalent per day by 2027.
In Schwedt, past dependence on Russian oil threatens industrial prospects as the debate on lifting sanctions intensifies and divides Germany’s political class.
In Schwedt, past dependence on Russian oil threatens industrial prospects as the debate on lifting sanctions intensifies and divides Germany’s political class.
Petro-Victory Energy secures key assets in Brazil through strategic alliances and acquisitions, consolidating its onshore market position and initiating a new phase of development.
Petro-Victory Energy secures key assets in Brazil through strategic alliances and acquisitions, consolidating its onshore market position and initiating a new phase of development.
Trio Petroleum Corporation has completed the acquisition of producing oil assets from Novacor Exploration in the prolific Lloydminster region of Canada, consolidating its strategic presence in North America's heavy oil sector.
Trio Petroleum Corporation has completed the acquisition of producing oil assets from Novacor Exploration in the prolific Lloydminster region of Canada, consolidating its strategic presence in North America's heavy oil sector.
Chevron returned several crude shipments to Venezuela after failing to sell them due to US-imposed financial sanctions, despite holding a temporary authorisation to operate until the end of May.
Two armed groups claimed responsibility for attacks on strategic oil infrastructure in the Niger Delta, disrupting Nigerian firm Oando’s operations and reviving concerns over regional stability.
Two armed groups claimed responsibility for attacks on strategic oil infrastructure in the Niger Delta, disrupting Nigerian firm Oando’s operations and reviving concerns over regional stability.
Estonian authorities have detained a tanker without official flag registration, suspected of belonging to Russia’s shadow fleet, while en route to a strategic Russian port.
Estonian authorities have detained a tanker without official flag registration, suspected of belonging to Russia’s shadow fleet, while en route to a strategic Russian port.
SPIE Global Services Energy signed a five-year offshore maintenance contract with Sonangol Exploração & Produção for the Bloc 3/05 oil complex, strengthening its strategic presence in Angola.
SPIE Global Services Energy signed a five-year offshore maintenance contract with Sonangol Exploração & Produção for the Bloc 3/05 oil complex, strengthening its strategic presence in Angola.

Advertising