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Galp invests N$1.5b on Namibian explorations in 1Q 2024

Galp Energia invested N$1.5 billion (€75 million) on exploration in Namibia in the first quarter of 2024.

The Portuguese company’s upstream portfolio in Namibia consists of PEL 83, which holds an 80% stake.

Galp Energia’s operations in Namibia are extensive, with PEL 83 covering an impressive area of almost 10,000 square kilometres.

Namcor has 10%, and Custos has the other 10%.

The company, which announced what could be the biggest discovery yet in the Orange Basin, says it invested N$6.3 billion (€315 million) in tangible and intangible investments during the quarter.

It further says N$5 billion (€250 million) was spent on upstream investments in Namibia, Brazil, and Mozambique.

The expenditure on Namibian exploration activities is the second highest after Brazil’s N$3.3 billion (€166 million) and Mozambique’s N$180 million (€9 million).

Galp says upstream investments were mainly directed to projects under execution and development in the Brazilian pre-salt, namely Bacalhau, Tupi, and Iracema, and to the exploration campaign in Namibia, representing 31% of upstream capital expenditure.

The total upstream capital expenditure in the first quarter of 2024 totalled €311 million, accounting for 77% of total investments. 

In April 2024, Galp and its partners completed the first phase of the Mopane exploration campaign, concluding the Mopane-1X well-testing operations. 

The joint venture will analyse all acquired data from the current Mopane drilling campaign and integrate it into an updated reservoir model. The model will serve as the basis for refining Galp’s near-term drilling plan to further explore, appraise, and develop the wider Mopane complex.

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