An African country that’s an emerging star of the oil industry has made an incredible discovery. (Image: Getty)
The massive country of has announced the discovery of a vast oil field which could have dramatic effects on its economy.
The Portuguese company Galp confirmed on Tuesday the potential of the vast Mopane field, which could lead to new discoveries such as crude oil.
As a result, the company’s shares have surged by 7% on the stock market, exceeding 16 euros (£13.19) per share.
This exciting discovery could see Namibia solidify its place as one of the emerging stars of the industry.
According to , an anonymous oil expert trader believes this new well could help secure 10 billion barrels of oil available for the Mopane Complex and strengthen the proposal for exploitation with multiple FPSOs – giant offshore oil extraction vessels.
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This discovery could see Namibia solidify its place as one of the emerging stars of the oil industry (Image: Getty)
Despite being one of , Namibia is located in a complex area defined by extreme climates and a sparse population.
Namibia is one of the least densely populated countries globally with a population of only 2.7 million (the Community of Madrid more than doubles this figure).
It’s estimated to be the sixth least densely populated country worldwide, only behind areas like Greenland or .
It is also home to one of the world’s largest deserts – the – stretching over 1,200 miles along the Atlantic coast. Having endured arid or semi-arid conditions for roughly 55 to 80 million years, the Namib may be the oldest desert in the world.
Namibia’s population comprises a rich ethnic and cultural diversity, with various ethnic groups such as the Ovambo, Herero, Nama, and San, each with their own languages and traditions. Despite this diversity, English is the official language, greatly facilitating business, although many people also speak Afrikaans and indigenous languages.
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Namibia is estimated to be the sixth least densely populated country worldwide. (Image: Getty)
Namibia aims to become an oil powerhouse and generate an even more prosperous economy. Despite Africa’s relative poverty, Namibia is already among its .
In a statement posted on its website on Tuesday, Galp said it has successfully drilled, cored, and logged the Mopane-3X well in Petroleum Exploration License 83 (PEL 83), offshore Namibia.
“Preliminary data confirm light oil and gas-condensate significant columns across AVO-10, and light oil columns on AVO-13 and on the deeper sand, in high-quality sandstones,” Galp said in the statement.
“These additional discoveries in a completely new section of Mopane further demonstrate the scale and quality of the complex. Emerging clarity on Mopane’s multiphase potential is supported by this world-class asset,” added Knowledge Katti, President and CEO of Custos.
“We congratulate our Joint Venture partners on another safe and successful outing. We are uniquely positioned at the heart of this hydrocarbon-rich province.”