148. Global Typical Basin Petroleum Systems: (13) New Discoveries and Hotspots in Global Oil & Gas Exploration: Offshore Namibia

The globally renowned energy consultancy Wood Mackenzie released its 2024 'Exploration Survey Results': Italy’s Eni achieved a record-breaking fifth consecutive win as the 'Most Respected Exploration Company' in the upstream industry; Shell received the 'Discovery of the Year Award'; Portugal’s Galp Energia won the 'E&P Explorer of the Year Award'; and Malaysia’s national oil company, Petronas, received the 'National Oil Company Explorer of the Year Award'. These exploration awards reflect major hydrocarbon discoveries primarily in two areas: offshore Namibia and offshore Suriname. 1. Offshore Namibia The hydrocarbon resources of Namibia’s Orange Basin now rival those of Guyana’s Stabroek Block (Feiyu Wang: 134. Global Typical Basin Petroleum Systems: (7) Offshore Guyana Stabroek Block—Reservoirs and Hydrocarbon Migration and Accumulation). According to data from Namibia’s national oil company, NAMCO, the Orange Basin holds proven reserves of 11 billion barrels of light oil and 2.2 trillion cubic feet of natural gas. Currently, ExxonMobil, Shell, TotalEnergies, and Equinor are considering bidding for a 40% stake in Galp Energia’s Mopane field offshore Namibia—marking the onset of a surge in oil and gas exploration and development activities in this region.

Global Distribution of Offshore Oil Fields—Brazil

As the largest country in South America, Brazil historically produced very little oil—until several super-deepwater fields were discovered, dramatically transforming its status. In 2007, Brazil discovered a deepwater field near Rio de Janeiro with estimated reserves of 5–7 billion barrels. Then, in August 2012, new deepwater petroleum accumulations were identified in the Santos Basin—propelling Brazil into the ranks of the world’s major oil-producing nations. Experts predict that Brazil may rank among the world’s top ten petroleum resource and production countries within the next two decades. Several prominent fields in this region include: 1. Lula Field The Lula Field lies approximately 180 km off Rio de Janeiro in the Libra block of the Santos Basin. It is Brazil’s largest oilfield—the first and largest deepwater field developed in the country—and ranks as the world’s fifth-largest offshore field and the largest pre-salt field. Previously named the Tupi Field, it was later renamed in honor of then-President Luiz Inácio Lula da Silva. Discovered in 2007 and brought online in 2010, the field is currently operated by Petrobras (65%), BP (25%), and Galp Energia (10%). Its recoverable reserves total 6.5 billion barrels, with daily production reaching up to 1.05 million barrels. 2. Búzios Field Originally named the Franco Field, the Búzios Field is located adjacent to the Lula Field in the Libra block of the Santos Basin. It is Brazil’s second-largest oilfield and the world’s second-largest pre-salt field.

Portugal Weighs Increased Galp Stake After Moeve Merger Collapse

5 days ago

Portugal's government considers raising its stake in oil firm Galp Energia following the collapse of a merger with Spain's Moeve due to geopolitical tensions affecting refinery valuations. The move aims to protect strategic assets including the nation's sole oil refinery.

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