Katti’s Custos in potential 10bn barrel oil find

Galp Energia’s Mopane 1X oil well could hold as much as 10 billion barrels of oil equivalent, results from recent exploration work indicate.

Flows achieved during the well test reached the maximum allowed limits of approximately 14 thousand barrels oil equivalent per day, the study found. This potentially positions Mopane as an important commercial discovery, Custos Energy CEO Knowledge Katti said.

Reacting to the recent exploration work, Katti said Mopane, in fact, holds the potential to become one of the largest discoveries globally.

“The successful culmination of the exploration campaign at Mopane, including a well test reaching the maximum allowable limit, further demonstrates the scope and potential of Petroleum Exploration Licence [PEL] 83. With the current discoveries alone containing potential in excess of 10 billion barrels of original oil in place, Mopane is one of the largest discoveries globally.”

Custos would make all efforts to ensure there was maximum benefit for Namibians, Katti added.

“The success of this exploration campaign clearly demonstrates the opportunity this industry can bring to the people of Namibia, including in particular young Namibians. Custos looks forward to working with local community trusts to ensure that this progress improves livelihoods and opportunities while reducing poverty in an equitable and sustainable way. We are proud and honoured to lead these initiatives.” he said.

Galp’s PEL 83 is located immediately north of PEL 39, home to Shell’s basin opening discoveries at Graff1, La Rona-1 and Jonker-1. Additionally, it is located in close proximity to PEL 56 where TotalEnergies announced its giant oil discovery at Venus-1.

Custos Energy holds a 10% stake in the well, while the National Petroleum Corporation of Namibia (Namcor) also holds 10%. Galp holds the remaining 80%.