Namibia: A gigantic new discovery announced off the coast of the country

The promotion of renewable energies is currently a top priority for many countries. Nevertheless, hydrocarbons remain extremely popular, with the market showing unprecedented strength. In many parts of Africa, major oil and gas reserves have recently been discovered.

Namibia is particularly well known for its oil industry. In 2023, huge oil deposits were identified off its coast. This South-West African country is capturing the attention of some of the world's most influential investors. Last year, oil giants TotalEnergies and Shell discovered promising oil wells with a potential of several billion barrels.

TotalEnergies' and Shell's cumulative discoveries amount to around 10 billion barrels of oil. More recently, Galp, the Portuguese oil company, announced a major discovery in Namibia's territorial waters, with similar potential.

Following this announcement, Galp's share price rose significantly on the stock market. Like TotalEnergies and Shell, Galp has carried out drilling operations in recent months, leading to the discovery of a particularly promising deposit. Operating with discretion, Galp has announced a record profit of 1 billion euros for 2023.

The company plans to intensify its investments around the world to boost revenues. According to a Galp press release, Namibia could become a significant new source of revenue for the company, which already holds major investments off the coast of Brazil and is involved in a natural gas project in Mozambique's Rovuma Basin. These developments offer encouraging prospects for Galp, and Namibia should maximize the benefits of its collaboration with the company.