The National Petroleum Corporation of Namibia (Namcor) has announced it has made a significant oil discovery in the Mopane-1X exploration well offshore Namibia, which is co-owned by Knowledge Katti's Custos Energy.
The well is operated by Portuguese energy corporation Galp Energia, which holds an 80% stake in PEL83, governing blocks 2812A and 2812B.
Galp operates in a consortium with Namcor and Custos, which both have a 10% stake.
Knowledge Katti is the chairman and chief executive of Custos.
"PEL83 joint venture partners have now confirmed the discovery of a substantial column of light oil in high-quality, reservoir-bearing sands in the Cenomanian-Turonian interval.
"This is the second oil discovery in the upper cretaceous Orange Basin, demonstrating a working petroleum system in the upper cretaceous in addition to the proven hydrocarbon presence in the lower cretaceous by 2022 oil discoveries," the corporation said in a statement yesterday.
This statement follows an initial investor report on 2 January which foreshadowed yesterday's announcement.
"The first well, Mopane-1X, indicates preliminary signs of hydrocarbon presence.
Drilling and data acquisition campaigns are underway, making any conclusion premature before operations are completed and results assessed," Galp had told investors.
The joint venture partners will continue tests to determine the commercial viability of the discovery at the well.
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"Partners are set to continue the analysis of the acquired data and plan to perform a drill stem test in the coming weeks.
This test is crucial for assessing the commercial potential of the discovery.
"The Mopane-1X drilling operations will proceed to explore deeper targets within the block," Namcor said.
Namcor managing director Shiwana Ndeunyema said this discovery may unlock a multitude of economic benefits for the country.
"This is an amazing time for Namibia and Namcor.
The Mopane-1X discovery is not just a significant achievement for our organisation, but also a beacon of hope for the entire nation's economic future.
We are immensely pleased with these results and excited about the potential opportunities this opens up for our country," he said.
This discovery comes as Galp Energy and Namcor signed an agreement to strengthen their collaboration.
The memorandum was signed last week at the official opening of Galp Namibia's offices in Windhoek.
It will enhance collaboration in oil and gas exploration, renewable energy and various key industry aspects, aiming to foster growth and expertise in the sector.
