The announcement was made yesterday by Galp’s CEO, Filipe Silva. He detailed that by the end of March, the company will already have a clear view of the volume of oil reserves found in the first drilling off the coast of the African country.
Galp announced the discovery of a “significant column of light oil” in a deeper zone of the first well drilled in deep waters. Next month, the company will conduct a DST (drill-stem test), a test that allows for a quantitative and qualitative assessment of the hydrocarbons detected in a drilling. Based on the results of this test, the president of Galp indicated that it is “highly probable” that more drilling will take place in that block to identify reserves with commercial exploration potential.
Despite a recent “strong” history of energy transition and decarbonization, which has led the energy company to redirect investments from gas and oil exploration to renewable energies in electricity, gas, and transportation, the president of Galp made it clear that they are doing everything to launch a potential investment in exploring the reserves in Namibia, of which they are the largest shareholder with 80%.
Investments of 150 million euros are projected for this project in 2024.
Galp has not clarified yet whether it will be the operator in the exploration scenario or if it will delegate this task to third parties. However, Filipe Silva states that nothing will hinder the process of confirming the potential reserves found in the first drilling.
