Eco on Walvis from Upstreamonline just now20 Jul 2023 16:01
‘At least three’ players talking to Namibia-focused junior about frontier basin entry
Eco Atlantic’s impressive Walvis basin portfolio attracts explorers, as Israeli chief executive hits out at Netanyahu government
20 July 2023 11:00 GMT UPDATED 20 July 2023 14:13 GMT
By Iain Esau in London
Canada-based explorer Eco Atlantic Oil & Gas is in talks with “at least” three companies angling to acquire major stakes in its four prospective offshore licences in Namibia’s Walvis basin.
Since Shell and TotalEnergies made their big Graff and Venus discoveries in Namibia’s Orange basin in early 2022, the country has become the go-to destination for majors and independents willing to spend big money to hunt down elephant-sized oil and gas fields.
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However, many players have been priced out of the prestigious Orange basin — Namibia’s hottest E&P zip code and which also extends into South Africa — so are now casting their eager eyes over the long-neglected Walvis, Luderitz and Namibe basins to the north.
Speaking to Upstream last week from Israel, his home country, Eco Atlantic chief executive Gil Holzman said: “All the big boys are looking to find a way into the Orange basin and it’s getting crowded. We saw Chevron coming in. We saw Woodside coming in. We hear about Eni looking for acreage.
“And there are other companies I cannot mention that are looking for a piece of the action in Namibia or South Africa.”
The next hot spot? Eco Atlantic operates four licenses in Namibia's Walvis basin. Photo: ECO ATLANTIC
Eco was an early mover in Namibia, snapping up unwanted acreage years ago when anyone talking up the country’s E&P promise was met with a shrug of the shoulders and raised eyebrows, fielding pointed questions about the untapped 50-year-old Kudu gas discovery and defunct HRT’s high-profile, high-cost and unsuccessful wildcatting campaign from a decade ago.
But that perception changed post-Graaf and Venus. Companies now have a working theory that the geology associated with these big discoveries can also be found in the deep-water blocks of Namibia’s northern basins, including the Walvis where Eco holds 85% operating stakes in Petroleum Exploration Licences (PELs) 97, 98, 99 and 100, and is Namibia’s second largest acreage holder.
As Holzman recalled, before Venus and Graff, “it was challenging to attract the big boys into an under-explored and unproven basin”.
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“Now people are knocking on our doors. We don’t even need to open a farm-out process to engage with companies. They simply look at the map; look at the name of the operator; and call you,” Holzman said.
Eco is “engaged in all kinds of discussions” about its Namibian blocks, he said, adding: “At least three companies have already
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