BP Takes Operatorship of Three Namibia’s Offshore Licenses in Eco Farm-Down

Eco (Atlantic) Oil & Gas has completed the farm-down of 60% participating interests in three Namibia’s offshore exploration licenses to BP, transferring operatorship of the blocks and clearing the way for a new seismic exploration program.

The transaction covers Block 2012A under PEL97 (Cooper), Blocks 2111B and 2211A under PEL99 (Guy), and Blocks 2211B and 2311A under PEL100 (Tamar), Eco announced following the final ministerial approvals received on November 9.

Completion follows the receipt of Section 11 consent from the Namibian government on October 1 and the subsequent ministerial signing of transfer, assignment and license renewal deeds.

Under the agreement, BP Namibia Energy holds a 60% operating interest in each license, while Eco retains 25%, NAMCOR holds 10% and local partners retain the remaining 5%.

This story was originally published by Offshore Engineer. Read the full story at Offshore Engineer →