Eco (Atlantic) Oil & Gas has received final ministerial approval for the transfer of a 60% participating interest in three offshore petroleum exploration licences in Namibia to BP Namibia Energy Ltd, clearing the last government consent required for the transaction.
The approval, granted on 1 October under Section 11 of Namibia’s Petroleum (Exploration and Production) Act, covers PEL97, PEL99 and PEL100 in the Walvis Basin. The licences, known as the Cooper, Guy and Tamar licences, are currently held by Eco, Namibia’s National Petroleum Corporation (NAMCOR) and local partners. BP Namibia Energy is expected to assume operatorship once the transaction formally completes.
Under the agreement announced in April, Eco will receive a one-off payment of US$2.7 million on completion and retain a 25% participating interest in each licence. NAMCOR holds 10%, while local partners hold the remaining 5%. During the current exploration phase, BP will carry Eco’s retained interest, together with Eco’s proportionate share of the interests held by NAMCOR and the local partners.
The approved exploration programme includes seismic reprocessing on PEL97 and the acquisition of at least 3,000 square kilometres of new 3D seismic data across PEL99 and PEL100. The programme is intended to improve understanding of the geological structures beneath the licences before potential drilling decisions are made.
The transaction reflects the evolving structure of Namibia’s offshore exploration sector, where international capital and technical expertise are increasingly being combined with national and local participation. For Eco, reducing its funding obligations while retaining exposure to potential discoveries allows the company to remain involved in exploration without carrying the full cost of the programme.
The transaction is not yet complete. Eco said the parties were finalising the remaining closing requirements, with completion expected shortly. A further announcement is expected once those conditions have been satisfied.
The development adds to Namibia’s growing importance within the Atlantic offshore exploration landscape, although the licences remain at the exploration stage and no commercial discovery or production should be inferred from the transaction.
