Portuguese energy giant Galp has uncovered one of the world’s largest oil reserves off the southern coast of Namibia. Early estimates suggest that the newly discovered field holds at least 10 billion barrels of crude oil, positioning it as the eighth largest globally.
This announcement, broadcasted by Lisbon’s CM TV, marks a significant milestone for Galp, which has been active in oil exploration since 2000. During this period, the company has identified four major deposits that are ranked among the top 20 worldwide.
Galp confirmed the offshore discovery in a statement, highlighting its commercial significance and announcing plans to sell a 40% stake in the exploration block where the new reserves were located. This move underscores the strategic importance of the find, both for Galp and for potential investors.
The news of the discovery has already made a financial splash, boosting Galp’s market value by over €2.2 billion on the Lisbon Stock Exchange. This surge reflects the market’s optimistic view of the discovery’s potential to enhance Galp’s profitability and strategic positioning in the global energy market.
Galp, a diversified energy conglomerate, not only focuses on the exploration and extraction of oil and natural gas but also manages fuel storage and sales operations, including over 700 fuel stations. The company’s major shareholder is Amorim Energia, holding 35.8% of its shares, with the state-owned Parpublika owning another 8%, and the remaining 56.3% distributed among various smaller shareholders.