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Eco Atlantic, which owns four offshore licenses in Walvis Basin, attracts the interest of prominent companies in the sector and is currently in discussions with three companies expressing their interest in acquiring significant stakes. The company’s deep-water PELs 99 and 100, known as Guy and Tamar, have garnered considerable attention and companies also showing interest in the entire Walvis portfolio.
Eco Atlantic which owns four offshore licenses in Walvis Basin attracts the interest of prominent companies in the sector and is currently in discussions with “at least” three companies expressing interest in acquiring significant stakes. The company’s deep-water PELs 99 and 100, known as Guy and Tamar, have garnered considerable attention and companies also showing interest in the entire Walvis portfolio.
Eco Atlantic currently holds 85% operating stakes in Petroleum Exploration Licenses (PELs) 97, 98, 99, and 100, making it the second-largest acreage holder in Namibia. The company feels comfortable at the 20%, 25% level, so there’s a lot of working interest to share with companies that would like to come in, stated Eco Atlantic’s CEO, Gil Holzman. The company is actively working on a structural study of the Walvis Basin, which is expected to be completed around October, utilizing its own data along with seismic and well data from state-owned Namcor and the Ministry of Mines and Energy.
Eco’s Guy license covers blocks 2111B and 2211A in water depths of 1500-3000 meters, with acquired seismic data of 1000 kilometers of 2D and 870 square kilometers of 3D. On the other hand, the Tamar license encompasses blocks 2211B and 2311A in water depths between 2500 meters and more than 3000 meters, with a 100-kilometer 2D survey. Aside from the deep-water licenses, Eco Atlantic also holds shallow-water acreage, including the Cooper in Block 2012A, featuring the Osprey prospect, and the Sharon in Block 2213.
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Namibia has seen increased oil exploration activities, with oil companies having invested over N$30 billion since the country’s independence towards exploration, as reported by the Namibia Petroleum Operators Association. The discovery of oil by Qatar Energy, Shell, and Total Energies in the Orange Basin, offshore Namibia near Luderitz, has sparked optimism about the country’s future economic prospects.
