Galp should begin drilling on its licence offshore Namibia, with the Hercules semi-submersible, around mid-November.
Junior partner Custos Investments announced an update today. The Namibian company, which is backed by local power Knowledge Katti, said the rig was in transit. The Hercules should reach Walvis Bay by November 4.
It will then spud the first well in mid-month, Custos said. The target is the Mopane complex, in the south of PEL 83. Custos’ Katti said the partners estimated Mopane might hold 10 billion barrels of oil in place. Previously, the company has guided to more than 2bn barrels.
“The significant prospectivity of PEL 83 together with its relatively shallower water depth, position it to be one of the most significant and profitable developments in the Orange Basin,” he added.
PEL 83 is immediately north of Shell’s PEL 39. Shell has made discoveries at the Graff, La Rona and Jonker wells.
The licence is also northeast of TotalEnergies’ PEL 56, site of the hotly tipped Venus find. Total spudded the Mangetti-1X, north of Venus, this month.
Galp is the operator with an 80% stake. State-owned Namcor has 10%, while Custos has the remaining 10%. Toronto-listed Sintana Energy has a 49% indirect stake in Custos.
Sintana said the Mangetti well was “towards” PEL 90. Chevron operates this licence, while Sintana has an indirect stake.
Custos’ statement also quoted Petroleum Commissioner Maggy Shino, saying the ministry was excited to test additional plays in the basin.
“PEL 83, together with Sintana’s indirect interests in PEL 90 operated by Chevron and PEL 87 where we are partnered with Woodside, give us an unmatched position in the heart of Namibia’s Orange Basin,” said Robert Bose, president and director of Sintana.
The Canadian company has previously said it expected drilling to begin in PEL 90 and PEL 87 in the first half of 2024.
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