chemXplore tracks 1 project in Namibia, of which one is active.
1 new construction.
Owners and developers: Custos (1), Galp Energia, SGPS, S.A. (1), National Petroleum Corporation of Namibia (NAMCOR) (1), TotalEnergies SE (1)
Targeting: Crude oil (1)
4% annual energy growth to 2030; $10bn free cash flow uplift 2025–2030; $14–17bn/yr capex 2027–2032; dividend +5%/yr to 2030 and planned buybacks.
Completes swap with Galp to operate PEL83 (Mopane); secures 40% operated stake and plans appraisal from H2 2026 with a three‑well campaign targeting FID in 2028.
Portfolio concentrated into fewer countries, expected ~USD 20bn free cash flow 2026–2030; US, Brazil and Angola to drive growth; higher margins from high-grading and stepped-up exploration.
Entry into Namibia via PEL 90 gives access to a drill-ready Orange Basin prospect scheduled for testing in 2026; closing subject to regulatory approvals.
Oil and gas condensate found at Block 0’s 105-4X: >600 m column and >90 m net pay in the Pinda reservoir; potential tie-back to nearby facilities; partners hold 39.2–41% stakes.
Strong cash generation and higher earnings supported a proposed 10% dividend rise to €0.70/share; Bacalhau ramp-up and a €318m renewables purchase shaped the quarter.
Merlin-1X in PEL 0039 shows light oil, good reservoir quality and limited associated gas; it is the tenth well drilled under the licence.
Net profit R$32.7bn; adjusted EBITDA R$59.6bn; investments R$26.8bn. Production and refining records supported cash generation and higher derivatives output.
Strong Q1 with €943m RCA EBITDA, Upstream €685m; net income €272m; OCF €713m; FCF €47m; net debt stable at €1.3bn; Namibia exploration & Moeve merger progressing.
Subject to Namibian approvals, the acquirer will operate PEL97, PEL99 and PEL100 in the Walvis Basin; Eco Atlantic and NAMCOR remain partners. Move builds on recent Azule Energy discoveries.
