An estimated 10bn barrels of oil has been discovered in Namibia, Portuguese oil company Galp Energia has said.
The company revealed that it had made the potential find after concluding its first phase of oil exploration in the Mopane field off Namibia’s coast.
“In the Mopane complex alone, and before drilling additional exploration and appraisal wells, hydrocarbon in-place estimates are 10 billion barrels of oil equivalent, or higher,” it said on Sunday.
Vast oil and gas reserves have been discovered in Namibia’s Orange Basin, where Mopane is located, in recent years.
The discoveries have positioned the southern African country as a potentially significant player in the global oil industry.
The country is eyeing an entry to the oil producers’ organisation Opec ahead of its planned start to oil production in 2030.