Custos Energy Begins Second Exploration Campaign in Namibia's Oil-Rich Orange Basin
TL;DR
Custos Energy's second exploration and appraisal campaign in Namibia's Orange Basin could lead to a significant commercial discovery, providing a competitive advantage in the oil and gas industry.
The drill ship Santorini has commenced operations for the Mopane 1-A well, part of a four well program to gain insights into the Mopane complex's scope and quality.
Custos Energy is committed to creating a better and sustainable future for all, especially the stakeholder communities in Namibia, by focusing on supporting and providing opportunities for the youth.
The inaugural two well exploration campaign resulted in multiple significant discoveries of light oil in high quality reservoir sands, positioning Mopane as a potentially important commercial discovery.
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Custos Energy, a Namibian oil and gas exploration company, has commenced its second exploration campaign in the Orange Basin, one of the world's most promising oil and gas regions. The campaign began with the spudding of the Mopane 1-A well on October 23rd, marking a significant step in the company's efforts to evaluate the potential of Petroleum Exploration License 83 (PEL 83).
This new campaign follows a successful initial exploration earlier in 2024, which resulted in multiple discoveries of light oil in high-quality reservoir sands. The first campaign yielded an estimated 10 billion barrels of oil equivalent in original oil in place (OOIP) and demonstrated a flow rate of 14,000 barrels of oil equivalent per day during a drill stem test.
The Mopane 1-A well is the first of up to four wells planned for this campaign, which includes two exploration wells and two appraisal wells. The program aims to provide additional insights into the scope and quality of the Mopane complex, potentially solidifying its status as a world-class opportunity in Namibia's emerging oil and gas sector.
Custos Energy holds a 10% working interest in PEL 83, alongside operator Galp Energia of Portugal and NAMCOR, the National Petroleum Corporation of Namibia. The company's involvement in this project represents a significant development for Namibia's nascent oil industry and could have far-reaching economic implications for the country.
The initial analysis from the first campaign suggested favorable reservoir conditions, including good porosities, high pressures, and high permeabilities. The absence of CO2 and H2S in the hydrocarbon columns further enhances the commercial viability of the discovery. These factors, combined with the high flow rates achieved during well testing, position the Mopane complex as a potentially important commercial discovery.
As Namibia continues to emerge as a new frontier in the global oil and gas industry, the success of this exploration campaign could attract further international investment and expertise to the country's offshore sector. The development of these resources has the potential to significantly impact Namibia's economy, creating jobs and generating revenue for national development initiatives.
Curated from News Direct
