Portugal´s Galp Energia has seen its shares hit an all-time high, following the discovery that two ‘wells’ off the coast of Namibia hold enough oil and gas for the next 143 years.
Just in the concession bloc known as Mopane – and before sinking any more additional exploration wells – the company estimates it is sitting on another 10 billions barrels of crude, say reports.
Portugal as a nation consumes 191,000 barrels a day – hence the calculation that the new find could power the nation well into the next century.
Portugal´s Galp to sell Angola oil assets while focusing on Brazil and Mozambique
Owing to the surge in Galp Energia´s stock valuation, the Amorim family who own the largest number of shares in the company made almost a billion euros.
Galp is already negotiating to sell off part (possibly as much as half) of its stake, which will allow it to “reduce the risk inherent in the oil exploration business”, analysts have told Lusa.
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