Tullow Exits Namibian Block

UK independent Tullow Oil is pulling out of one of its Namibia blocks.

Partner Eco Atlantic said October 26 that Tullow is relinquishing its 25% interest in PEL 30 (Copper block). That stake will now transfer to Eco, which will hold 57.5%. Other licensees are Azinam 32.5% and Namibian state Namcor 10%. Eco said Tullow had opted not to renew its interest in the block’s 'second renewal period' in 1Q 2019.

Eco COO Colin Kinley said: “We are discussing the Cooper Block with other potential industry partners, as there are many parties currently seeking additional opportunities in the Walvis Basin as Exxon, Total, and the other majors are now moving into the area as exploration matures.”

Sentiment in the Walvis Basin though has shifted after two recent dry holes. Tullow announced September 24 its Cormorant-1 exploration well on PEL-37 licence – where it is retaining operatorship - found non-commercial hydrocarbons and was being abandoned. A few weeks later UK independent Chariot Oil & Gas's well on Prospect S also offshore Namibia was dry.

In contrast, Eco said it and partners in the Orinduik block off Guyana are in talks to accelerate their 2019 work programme: Tullow operates the block with 60%, Total has 25% and Eco 15%.