馃嚦馃嚘NamibiaSouthern Africa
Eco Atlantic expects to finalize BP Namibia deal in Q3 2026
via The Namibian4 min read
Eco Atlantic Oil & Gas anticipates completing its farm-down agreement with BP Namibia Energy in the third quarter of 2026. President and chief executive Gil Holzman stated that the company is moving forward with the transaction involving BP Namibia Energy Ltd, a subsidiary of BP Exploration Operating Company Ltd, for petroleum exploration licences PEL 97, 99, and 100. Upon completion, BP will pay Eco US$2.7 million in cash and will fund 100% of Eco鈥檚 retained 25% interest, as well as Eco鈥檚 proportionate share of the interests held by the National Petroleum Corporation of Namibia 10% and local partners 5% during the current exploration phase. The maximum aggregate carry by BP for Eco鈥檚 interests across the three licences is US$63 million, with a ceiling of US$21 million per licence. Eco and its partners are preparing for extensive exploration activities, including seismic reprocessing on PEL 97 and a 3,000 square kilometer three-dimensional seismic survey over PELs 99 and 100. Holzman also expects government approvals for the farm-out of PEL 98 to Lamda Energy Pty Ltd in the third quarter of 2026. He noted that 2026 has been a transformative year for the company, with several value-enhancing initiatives underway across its portfolio, and highlighted the return of major international energy companies to Atlantic Margin exploration as reinforcing Eco鈥檚 position in key offshore jurisdictions.
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This summary was AI-generated from a story originally published by The Namibian.
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