In 2012, Galp signed a farm-in agreement in oil exploration licenses located in Namibia’s offshore:
- PEL 23 in the Walvis basin.
- PEL 28 in the Orange basin.
As part of the exploratory campaign carried out in 2013, three wells were drilled: two in the Walvis basin and one in the Orange basin, although none of them resulted in a commercial discovery.
In 2016, Galp reached an agreement with the Namibian government to secure the exploration licenses in PEL 82, formerly PEL 23, in the Walvis basin, and in PEL 83, formerly PEL 28, in the Orange basin.
In 2018, Galp initiated the process of farming-down a 40% participating interest in the Petroleum Exploration License (PEL) 82 to an ExxonMobil subsidiary. The transaction conclusion is subject to satisfaction of customary conditions precedent, including the approval of the relevant competent Namibian authorities. Following the conclusion of the transaction, both Galp and ExxonMobil will hold a 40% interest in the license, and Galp will maintain the operatorship.
The concessions cover a total area of about 20,000 km2 and are located in emerging provinces, where the existence of hydrocarbons has already been proved.
The Company continues with the area’s geological assessment, having successfully concluded the 3D seismic acquisition in PEL 82 during 2018 and the data is currently being analysed. During 2019, the consortium also successfully concluded a 3D seismic acquisition campaign in PEL 83 of roughly 3,000 km2 and it is currently processing and analysing the respective data for potential leads.