The National Petroleum Corporation of Namibia (NAMCOR) on Wednesday announced a significant oil discovery at the Mopane-1X well situated off the coast of Namibia, Paralel.Az reports citing Xinhua.

The corporation announced the discovery on its social media page, highlighting that this marks a momentous step in the Namibian oil and gas journey.

It is the fourth oil discovery made in Namibia. In March 2023, the third oil discovery with partners Shell and QatarEnergy in the Jonker-1X deepwater exploration well was announced. Namibia also announced the Graff-1X and Venus-1X discoveries by Shell and TotalEnergies in 2022.

According to the announcement, the discovery, located within the Petroleum Exploration License 83 (PEL83) in the Orange Basin, encompasses a substantial column of light oil entrenched within high-quality sands.

"It is not just an achievement for us but a beacon of hope for Namibia's economic future," NAMCOR said, adding that following detailed analysis and more tests, they are excited about the potential opportunities this opens up for the country.

The operator Galp, a Portuguese oil and gas company, has an 80 percent stake in PEL83, with partners NAMCOR and locally-owned Custos Energy holding 10 percent each.