By Ebi Kesiena
Portuguese oil company Galp Energia has made headlines after discovering an oil field off Namibia with an estimated capacity of 10 billion barrels of crude oil.
Following the announcement, Galp Energia’s shares surged, rising by almost 19% to €19.05 during Monday trading in Lisbon.
The company revealed that drilling on the Mopane field in January and March suggested that the site could contain at least 10 billion barrels of oil, with Galp holding an 80% stake in the field.
Galp Energia indicated that Namibia could become a new revenue source for the company, which already has significant operations in Brazil and a natural gas project in Mozambique’s Rovuma basin. In 2023, Galp achieved record profits of €1 billion, an increase of 14% from the previous year.
This discovery in Namibia follows a significant oil find in 2023 by TotalEnergies SE and Shell Plc, which estimated an additional 11 billion barrels of crude. Even if only a fraction of this oil is recoverable, it could bring significant wealth to Namibia, a country with a population of just 2.7 million people.
The potential reserves, valued at around $1 trillion at current prices, are generating considerable excitement in the region.