Mopane oil field discovery in Namibia estimated at 10 billion barrels

The Mopane oil field, located in the Orange Basin offshore Namibia, has emerged as a major global oil and gas discovery. Following two years of exploration, geological surveys and drilling operations have identified high-quality light oil columns with an estimated reserve of approximately 10 billion barrels of oil equivalent.

Galp Energia initiated drilling at the Mopane-1X well in early 2024, which yielded results exceeding expectations. Subsequent drilling at the Mopane-2X well, located 8 km away, confirmed a large-scale hydrocarbon system. Further exploration through wells Mopane-3X and Mopane-3S has expanded the known extent of the oil body and increased the reliability of geological models.

The Mopane discovery, situated within the PEL 83 exploration license at water depths between 1,200 and 1,700 meters, is considered one of the largest recent finds. The estimated in-place resources are valued at approximately $700 billion. Galp Energia is currently transitioning from the discovery phase to resource assessment, utilizing core sampling and reservoir testing to evaluate commercial viability.