Oil discovery of Namcor, partners likely at 10b barrels

The National Petroleum Corporation of Namibia (Namcor) and its partners, Galp Energia and Custos Energy, say preliminary estimates suggest hydrocarbon figures of 10 billion barrels of oil equivalent or higher within the Mopane complex alone before further exploration and appraisal wells are drilled.

Namcor’s stake in the endeavour is at 10%, with Galp Energia at 80% and Custos Energy also at 10%.

This comes after the companies yesterday announced the successful completion of the first phase of the Mopane exploration campaign, marking a significant milestone in Namibia’s oil and gas sector.

The Mopane-1X well testing operations revealed substantial oil columns containing light oil in high-quality reservoir sands at two different levels – AVO-1 and AVO-2. In a statement yesterday, Namcor says this initial success was followed by further promising findings at the Mopane-2X well location in March, where significant light oil columns were uncovered across exploration and appraisal targets, including AVO-3, AVO-1, and a deeper target.

“Particularly noteworthy is the confirmation of AVO-1’s lateral extension, reinforcing its potential commercial significance. The reservoirs’ log measures showcase favourable porosities, high pressures, and high permeabilities in extensive hydrocarbon columns.

“Fluid samples reveal very low oil viscosity and minimal concentrations of CO2 and no H2S, highlighting the quality of the resource. During the well test, flows reached the maximum allowed limits of approximately 14 000 barrels of oil equivalent per day, positioning Mopane as a potentially significant commercial discovery,” the statement reads.

All data acquired during the current Mopane drilling campaign will undergo comprehensive analysis and integration into an updated reservoir model.

This model will inform Galp’s near-term drilling plan, facilitating continued exploration, appraisal and development of the broader Mopane complex.