‘Namibia ready for oil to flow’
Eco Atlantic on Orange Basin
The Orange Basin – extending South Africa and Namibia – has emerged a highly lucrative offshore play owing to a string of high-profile oil and gas discoveries made by global energy majors and independents in recent years. Following exploratory success on the Namibian side of the basin between 2022 and 2024, players are turning to the Southern African waters.
African Energy Chamber (AEC): Eco Atlantic holds four operational licenses in Namibia and is currently seeking farm-out opportunities. What makes investing in Namibia attractive and what is the company’s long-term vision for the market?
Gil Holzman (GH): Namibia has witnessed some of the largest exploration discoveries in recent years, thanks to small explorers never giving up and better exploration technology allowing the industry to ‘see’ deeper and explore deeper waters and horizons.
Namibia is an area that continues to yield excitement and interest, offers very attractive fiscal terms, and is developing supporting infrastructure.
So, we expect that there will be much further activity over the course of the year which will support our farm out process.
AEC: How is Eco Atlantic leveraging key operational lessons from its activities in Guyana to optimise operations in Namibia, considering the company’s presence in both highly prolific regions?
GH: Eco Atlantic is in a position of strength to learn from these two fantastic countries, both resource rich with adept governments working hard to collaborate with the industry to maximise the benefits of the resource sector.
Up until 2022, Namibia had no commercial oil and gas. Yet, with an established ministry of mines and energy and a growing national oil company, they were ready for the oil to flow. Guyana however, got the oil first!
Both governments have a lot of lessons to share and learn from each other, Eco Atlantic helped to orchestrate a trip in September for both natural resources and energy Mmnisters and their delegations to meet in Georgetown and had time for learning workshops.
Given the similarities between operating in countries that hold prolific hydrocarbon basins, both Namibia and Guyana have recently delivered sizable discoveries.
Namibia and Guyana are both areas that continue to attract widespread interest from global players and we will continue to use our knowledge, experience and relationships in the regions to deliver material value to our stakeholders.
AEC: Eco Atlantic – as non-operated partner – and TotalEnergies – as the newly designated operator – have initiated plans to start a drilling campaign on Block 3B/4B in the Orange Basin. What is the current status of exploration activities on the block?
GH: We are excited to be working closely with the government of South Africa and our new partners, TotalEnergies and QatarEnergy, as we start preparations to drill exploration wells on the Block.
Block 3B/4B is located in one of the most prolific and exciting hydrocarbon provinces in the world and we have attracted the two largest energy companies in the world who are already in the basin making giant discoveries.
Our ability to explore this block is strengthened by their understanding of the Orange Basin which lies in Namibian offshore waters and multiple multi-billion-barrel discoveries have been made to date – Venus, Graff and Mangetti to name but a few.
AEC: Does the company have plans to expand its presence even further in South Africa’s upstream sector?
GH: At present, we continue to focus on developing Block 3B/4B in South Africa, as well as our assets in Guyana and Namibia, which make up our exciting and high-quality exploration asset portfolio stretching across the Atlantic Margins.
We will, of course, always consider potentially value accretive opportunities as they arise, for the benefit of our investors. – African Energy Chamber