Galp Energia discovers oil field in Namibia, but total reserves to be exploited not known


Singular Bank | The Portuguese energy company has risen 8% following news of a bumper offshore oil discovery in Namibia. Galp is the operator and holds an 80% stake. In addition, the Namcor (10%) and Custos (10%) companies are participating in the discovery, the total reserves that may be exploited in the field are unknown.

Galp has carried out several well drilling projects offshore Namibia since 2019. In fact, the company has conducted 3D seismic surveys to find out whether the geological formations of at least 3,000 square kilometres harboured hydrocarbons.

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