Oil and gas exploration company Eco (Atlantic) Oil & Gas has announced the reissuance of four licenses with a new 10-year life cycle for exploration activities offshore Namibia. In addition, the company has attained four new petroleum licenses for its existing offshore blocks in the Walvis Basin.
The new licenses cover roughly 28,593 km2 and hold more than 2.3 billion barrels of oil equivalent of prospective resources. Namibia’s National Petroleum Corporation has a 10% working interest in each license, while local Namibian businesses hold a five percent working interest in each of the blocks.
“Successfully renegotiating our four licenses offshore Namibia and being awarded over 28,500 km2 in one of the most exciting exploration hotspots in the world is a significant milestone for Eco,” said Gil Holzman, President and CEO of Eco Atlantic.
“Participation in the regional exploration with a number of the major international oil companies now in Namibia, and having Namibia’s Ministry of Mines and Energy acknowledge both our long-term investment and our contribution to the fundamental exploration of the region, is very meaningful, both for us as a business and an explorer,” he added.
Three of the four offshore exploration licenses are operated by Eco Atlantic, including the Cooper license in Block 2021A; the Sharon licenses in Block 2213; and the Tamar licenses in Blocks 221B and 2311A.