Namibia’s discoveries are spurring increased exploration activity despite tighter budgets among oil majors. Credit: LiteHeavy/Shutterstock.

Offshore drilling is set to commence at Portuguese oil company Galp Energia’s Mopane discovery site in Namibia, with Saipem‘s Santorini drillship arriving at the site on 23 October, reported Bloomberg.

The Mopane field, part of the Orange Basin, is estimated to hold at least 10bbbl of oil and gas equivalent.

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The exploration spree in Namibia will continue with at least four drilling campaigns, including projects by TotalEnergies and Chevron, set to begin before the end of the year following several significant discoveries in the Atlantic waters.

In July, Galp CEO Filipe Silva announced that the company plans to drill the first of four new wells in Namibia in the last quarter of this year.

Despite tighter development budgets due to the global energy transition, Namibia’s oil discoveries continue to attract exploration.

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Exploration company Rhino Resources is poised to start drilling two wells in November, and Chevron’s drilling is scheduled for December, according to Namibia’s Petroleum Commissioner Maggy Shino.

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Meanwhile, TotalEnergies is preparing to explore its Tamboti prospect this year.

In August 2024, Petrobras announced plans to collaborate with partners in its bid for a stake in Galp’s oil prospect in Namibia.

This move is part of the company’s strategy to increase its reserves while navigating challenges in advancing exploration in Brazil due to environmental licensing issues.

In September 2024, ExxonMobil opted out of the bidding process for a 40% stake in Galp Energia’s Mopane field in Namibia.

This decision came after more than a dozen oil companies including Shell and Petrobras expressed interest in the same stake.