Custos Energy says hydrocarbons in place at its Mopane complex alone are estimated at 10 billion barrels of oil equivalent or higher before drilling additional exploration and appraisal wells.
This comes as Galp Energia, which operates Petroleum Exploration Licence (PEL) 83 with an 80% interest, while the National Petroleum Corporation (NAMCOR) holds 10%, and Custos Energy, half-owned by Sintana, has a 10% stake, successfully completed the first phase of the Mopane exploration campaign with the conclusion of the Mopane1X Well Testing operations.
According to the Namibian independent oil and gas exploration company, the flows achieved during the well test reached the maximum allowed limits of 14 kboepd, potentially positioning Mopane as an important commercial discovery.
“The successful culmination of the exploration campaign at Mopane, including a well test reaching the maximum allowable limit, further demonstrates the scope and potential of PEL 83. With the current discoveries alone containing potential in excess of 10 billion barrels of original oil in place, Mopane is one of the largest discoveries globally,†said Knowledge Katti, Chairman, and Chief Executive Officer of Custos.
“The success of this exploration campaign clearly demonstrates the opportunity this industry can bring to the people of Namibia, including in particular young Namibians. Custos looks forward to working with local community trusts to ensure that this progress improves livelihoods and opportunities while reducing poverty in an equitable and sustainable way. We are proud and honored to lead these initiatives.â€
The development comes as Galp Energia is undertaking an exploration campaign spanning three years involving the drilling of 10 exploration and appraisal wells, along with flow testing.
The initiative is part of Galp’s ongoing exploration activities in PEL 83.
