Galp gets rig for Namibia's red-hot Orange basin as chief is keen to de-risk project - Upstream Online
Galp gets rig for Namibia’s red-hot Orange basin as chief is keen to de-risk project | Upstream Online
Galp Energia is forging ahead with a two-well exploration campaign this year on its block in Namibia’s prolific Orange basin by securing a drilling rig.
The Lisbon-based player operates the PEL 83 licence just north of acreage where Shell and TotalEnergies have made four significant oil discoveries between them, which they are appraising and testing.
News of the rig deal coincided with the departure from Galp of upstream boss Thore Kristiansen, who recently described the company’s Namibian block as having “the best zip code” because, as well as being prospective, it lies in shallower water than its neighbours’ finds.
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”