• Eco Atlantic Oil & Gas shifts focus to deepwater licenses in Namibia’s Orange Basin.
• The company sells its 85% stake in PEL 98 to local operator Lamda Energy.
• Move highlights both rising offshore interest and challenges in Namibia’s oil sector.

Eco Atlantic Oil & Gas announced on September 16 that it will concentrate its activities on its deepwater oil and gas exploration licenses in Namibia, especially in the Orange Basin.

The Canadian company secured an extension of its exploration permits until September 2026, covering offshore blocks PEL 97, 99, and 100. In line with this strategy, it sold its 85% interest in PEL 98 to Namibian firm Lamda Energy, which will become the operator after government approval. The financial terms were not disclosed.

Alongside this reorganization, Eco Atlantic has defined new work programs in the country. In June 2025, it received an environmental clearance for a data reprocessing campaign on PEL 97 and for 1,000 km² of 3D seismic surveys on PEL 99 and 100.

This restructuring reflects the company’s aim to direct resources to higher-potential areas while supporting Namibia’s policy of promoting local participation in the oil sector. Lamda Energy’s entry into offshore operations marks a step in transferring responsibilities to domestic operators.

The move also underlines the growing appeal of Namibia’s offshore sector, where discoveries have been made by Shell and TotalEnergies. However, challenges remain, including the absence of commercial production, the need for infrastructure investment, and the requirement to strengthen local technical capacity.

Namibia’s ability to turn recent finds into long-term economic gains will depend on addressing these hurdles. Shell has already written down about $400 million in assets on PEL 39, judged non-commercial for now, while TotalEnergies has lowered its production outlook for the Venus project and delayed its final investment decision to late 2026.