- Portugal’s Galp Energia has stated they will need a partner to develop a prolific oil find in Namibia.
- The company said last week that it had completed the first phase of exploration in the Mopane field.
Portugal’s Galp Energia has stated that they will need a partner to develop a prolific oil find in Namibia as it is “beyond its financial means” to keep an 80 per cent stake in the exploration block that includes the Mopane field, CEO Filipe Silva said.
Silva added, “We will prioritise a partner that is keen to develop the prospects quickly, and that will fund the capex.”
The company said last week that it had completed the first phase of exploration in the Mopane field and estimated it could have at least 10 billion barrels of oil.
The firm noted, “We are confident that Namibia will bring another exciting growth avenue to Galp,” the CEO said, adding that the Mopane complex “is going to be a multiple FPSO development” that would require tens of billions of dollars, which “is not expected to be funded by Galp.” FPSOs are vessel-based production and storage platforms.
“It is critical the market understands that when we start with (a stake of) 80 per cent, we have a lot of leeway to go down, be diluted over time and bring somebody else to fund the project,” he said.