Namibia: Galp Energia joins HRT on Walvis, Orange blocks

Portugal’s Galp Energia has taken a farmout from HRT Participacoes em Petroleo SA, Rio de Janeiro, to earn a 14% participating interest in PEL 23 in the Walvis basin and PELs 24 and 28 in the Orange basin offshore Namibia.

HRT will remain operator of the PELs and is to start a drilling campaign in the first quarter of 2013. The three PELs total 37,744 sq km in 180-2,500 m of water.

The farmout calls for Galp Energia to carry part of HRT’s share of costs, limited by a cap, associated with the drilling of wildcat wells. Three exploratory wells are to be drilled on 3D seismic prospects, two in PEL 23 and one in PEL 24. The prospects are expected to be more oil prone.