Galp farm-in Nambia deal

By Iain Esau

 29 November 2012 23:59 GMT

Portugal’s Galp Energia has become the latest player to enter Namibia’s upstream arena after concluding a farm-in deal with Rio de Janeiro-based HRT Oil & Gas.

Galp will take 14% stakes in licence 23, in the Walvis basin, and licences 24 and 28 in the Orange basin.

HRT will retain operatorship, and aims to start drilling early next year.

The exploration programme is expected to involve three wildcats targeting two prospects in licence 23, and one in licence 24.

HRT said these prospects are expected to be oil-prone, with combined estimated gross recoverable resource of nearly 8 billion barrels and a 20 to 30% chance of success.



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