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Sihle Qekeleshe, Web Editor December 9, 2020
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 km
2 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 km