GALP REVEALS ITS MAJOR OIL DISCOVERY IN AFRICA HOLDS ALMOST AS MUCH CRUDE AS GUYANA ENTER

SOURCE: World Oil

The Portuguese company Galp is experiencing some intense months. So far this year, Galp has announced the discovery of what seemed like two important columns of oil in a remote, sparsely populated African country, full of desert and that few would know how to place on the map: Namibia. Well, Galp's bet could start to pay off sooner rather than later.

This discovery is really important for the Portuguese oil company. Galp had an average liquid production of 115,000 barrels of oil per day between January and March 2024, 4% less year-on-year and 9% less on-chain, according to provisional data. These findings in Namibia could give life to the Portuguese firm's production.

In a statement sent last Monday to the Portuguese Securities Market Commission (CMVM), the Portuguese company specified that, in the first quarter of the year, Brazil's average gross production was 107,000 barrels per day, while Mozambique produced 9,000 barrels per day. Now, Namibia's production data could soon be added to these data.