Galp’s upstream expenditure in Namibia has increased by N$700 million from N$1.5 billion, as reported in Q1 of 2024.
The Portuguese company’s upstream portfolio in Namibia consists of PEL 83, in which it holds an 80% stake.
Namcor has 10%, and Custos has the other 10%.
PEL 83 covers an impressive area of almost 10,000 square kilometres.
Galp stated in its half-year report, which ended on June 30, that it is making steadfast progress in Namibia to have all the remaining services and equipment necessary to spud the first well of the following exploration & appraisal campaign later this year.
“We are now rushing into the next phase, aiming to de-risk the asset further and confirm its commerciality,” Galp says.
The company sold its gas assets in Mozambique to Abu Dhabi National Oil Company in May 2024 for about $650 million.
Galp says divesting in Mozambique gives the company enough headroom to tackle Namibia’s next exploration and appraisal campaign.
“The investment essentially related to projects in Brazil (€273 million) and Namibia (€116 million), N$2.1 billion, industrial and midstream (€90 million), renewables (€51 million), commercial (€20 million), and corporate (€14 million) for the six months ended June 30, 2024,” the company said.
