Fossil Energy – Drilling
Sintana Energy, a public Canadian oil and gas exploration company focusing on Africa and South America, is preparing to commence a four-well drilling programme targeting the Mopane complex in the Orange Basin off the Namibian coast.
Sintana’s drilling campaign, which follows earlier oil discoveries in the vicinity, will investigate developing the oil and gas resources on behalf of the operator of the licence, Galp Energia, a multi-national energy corporation based in Portugal.
The Mopane discovery is estimated to hold reserves of about 10 billion barrels of oil. Since the discovery, Galp’s shares have increased in value by almost 20% for the year-to-date. However, Galp recently launched a reassessment of its decarbonisation objectives, which have been somewhat compromised due to its intent to develop the Orange Basin resource.
