Galp Energia, a leading Portuguese energy company, announced on April 21 a significant oil discovery off the coast of Namibia. Initial drilling assessments suggest the potential of a vast reservoir holding over 10 billion barrels of oil. This revelation sent Galp Energia's stock soaring at the Lisbon Stock Exchange, with a remarkable surge of 18.77% to 19.05 euros in early trading.

The discovery, located in the Mopane field where Galp holds an 80% stake, marks a pivotal moment for the company. With projections of such substantial reserves, Galp Energia stands ready to capitalize on this newfound opportunity, potentially transforming Namibia into a lucrative revenue stream.

This development underscores Galp Energia's strategic diversification beyond its existing investments in Brazil's offshore fields and participation in natural gas projects in Mozambique's Rovuma Basin. As the company expands its footprint into Namibia, it not only enhances its global presence but also solidifies its position as a key player in the energy sector.

The timing couldn't be more opportune for Galp Energia, coming off a year of record profits in 2023, totaling €1 billion—a remarkable 14% increase from the previous year. With this monumental discovery, Galp Energia is well-positioned to sustain its growth trajectory and emerge as a pivotal player in the evolving landscape of global energy markets.