Eco (Atlantic) Farms into South Africa’s Block 1 Amid Slate of Orange Basin Discoveries
Written by: MyPressportal Team Save to InstapaperFollowing sizeable finds made in the Namibian side of the Orange Basin, South Africa’s offshore blocks offer promising opportunities for frontier E&P players
JOHANNESBURG, South Africa, June 5, 2024/ -- Oil and gas exploration company Eco (Atlantic) – through its wholly-owned subsidiary Azinam South Africa – has signed a farm-in deal with energy company Tosaco Energy for a 75% working interest in Block 1 - located in the offshore South African Orange Basin. Eco (Atlantic) has assumed operatorship of the block, with the remaining 25% stake expected to be transferred to South African company OrangeBasin Oil & Gas. Upon completion of the transaction, Eco (Atlantic) will assume control of one of the largest blocks in the Orange Basin.
The African Energy Chamber (AEC) – representing the voice of the African energy sector – believes that this transaction is only the start of a wave of Orange Basin deals in the coming years. Having revealed substantial deposits in neighboring Namibia, the basin stands to play a catalyzing role in driving energy security in South Africa. The AEC commends the efforts by Eco (Atlantic) to unlock undeveloped blocks offshore South Africa and looks forward to a discovery being made in the coming years.
The strategic acquisition is on trend with a strong lineup of companies looking at tapping into the Orange Basin. Since play-opening discoveries were made by energy majors Shell, TotalEnergies and Qatar Energy in 2022, over 15 finds have been made by an assortment of majors and independents. In February 2024, TotalEnergies intersected hydrocarbon-bearing intervals in the Mangetti-1X exploration well in Block 2913B – marking the second discovery made by the company in the basin. TotalEnergies is currently leveraging the Tungsten Explorer drillship to assess reserves available at the well. The discovery followed the company’s Venus-1X find made in February 2022. Research firm Wood Mackenzie estimates that Venus alone could hold as much as three billion barrels of oil – making it sub-Saharan Africa’s largest oil discovery.
Additionally, in January 2024, multinational energy corporation Galp made its second oil discovery at the Mopane-1X well in PEL 83. Preliminary estimates place over 10 billion barrels of oil at the Mopane field. The company is currently seeking a farm-in partner to develop the block, with a 40% stake in the Mopane discovery up for grabs. Meanwhile, energy major Shell continues to witness a string of success, with its recent Lesedi-1X well – discovered in July 2023 – representing the fourth commercial discovery made by the firm in the Orange Basin. Other finds – namely, Graff-1X, La Rona and Jonker-1X – hold as much as 1.7 billion barrels combined. Shell is currently undertaking an extensive drilling campaign, with up to 25% of the company’s 2023-2024 exploration budget being directed towards deepwater exploration in the Orange Basin.
These discoveries underscore the size and potential of the Orange Basin, with substantial deposits likely extending into South Africa. Block 1 is located on the maritime border of South Africa and Namibia, in close proximity to blocks held by Shell, Galp and TotalEnergies. The block is also situated by the Kudu Development Project – Namibia’s inaugural natural gas project with 1.3 trillion cubic feet of reserves. Kudu is poised to be a gamechanger for the country, providing low-cost power and fuel while laying the foundation for gas-driven economic growth. As such, Block 1’s proximity means that the asset could likely yield similar developments and the Eco (Atlantic) acquisition is the first step towards realizing this goal.
“The Orange Basin has emerged as one of the most promising offshore plays worldwide in recent years. Exploratory success on the Namibian side of the basin shows strong potential for the South African side, and while exploration in this area has been slow to date, the recent farm-in by Eco (Atlantic) is poised to reverse this trend. The AEC has long-advocated for the need to advance drilling efforts in Africa and the Orange Basin stands to play a transformative role in the region’s energy landscape,” stated NJ Ayuk, Executive Chaiman of the AEC. “We look forward to witnessing commercial success across Block 1 and commend Eco (Atlantic) for their commitment to unlocking the potential of this asset.”
Distributed by APO Group on behalf of African Energy Chamber.
SOURCE: African Energy Chamber
We submit and automate press releases distribution for a range of clients. Our platform brings in automation to 5 social media platforms with engaging hashtags. Our new platform The Pulse, allows premium PR Agencies to have access to our newsletter subscribers.
Latest from
- Seven Reasons Smart Consumers Prefer Brands That Educate Rather Than Push Products or Hard-Sell
- Youth in Oil and Gas Summit Sparks Call for Pragmatic Leadership to Drive Skills and Opportunity in Namibia
- African Energy Chamber Advocates for Youth Inclusion as Pillar of Namibia’s Oil and Gas Strategy
- Shark Exhibition Showcases Innovative Solutions to Protect Both Marine Life and Human Safety in SA Waters
- Domain Parking Demystified A Strategic Tool for Brand Protection and Future Online Growth
- Toyota South Africa and Kaizer Chiefs Turn Sponsorship Into Impact With Outreach to Ethelbert Centre
- Woolworths Becomes First SA Retailer to Offer Tailored Health Cover to Thousands of Employees
- Celebrating PR With Purpose A Tribute to Storytellers Who Place Humanity at the Heart of Influence
- Tired of the Grind? Why So Many South Africans Are Unhappy at Work and Looking for Something Better
- Megapro Appoints Marc Jury as CEO as Sports Marketing Veteran Prepares to Become Majority Shareholder
- Glencore-Merafe Resources Commits to Sustainable Impact With Handover of 11 Community Projects
- The Business Show Africa 2025 Promises Game-Changing Opportunities for Entrepreneurs and Startups
- Flow Launches Shoppable Audience Marketplace Giving Advertisers Instant Access to Premium First-Party Data
- CILTSA ESG Conference Unites Transport and Logistics Leaders to Accelerate Sustainable Industry Change
- South Africa Continues TO Engage The United States (US) Government ON The Reciprocal Tariffs
The Pulse Latest Articles
- Xlink: An Avant-garde, Purpose-driven Fintelco Driving Digital And Payments Interoperability On The African Continent (August 1, 2025)
- Success Is Just The Beginning For This South African Brand (July 31, 2025)
- Embassies Business Fair And Conference 2025 To Fast-track Africa’s Global Economic Integration (July 31, 2025)
- There Is A Small Business Funding Readiness Crisis In South Africa (July 30, 2025)
- Young Achievers Shine At The Top Of The Growthpoint Gems Class (July 30, 2025)