Grand Gulf Energy Eyes Acquisition of Petroleum Exploration License in Offshore Namibia

Australia-headquartered exploration and production company Grand Gulf Energy has recently made a significant move by entering into a binding option agreement to acquire Wrangel, an applicant for a working interest in a petroleum exploration license (PEL) in the Walvis Basin, offshore Namibia.

If the acquisition is successful, Grand Gulf stands to gain a 70% working interest (WI) in the petroleum exploration license (PEL) covering Block 2312. This block, currently in the application stage with Wrangel, is a promising area yet to be granted to the consortium consisting of Wrangel (70%), Namibia’s TSE Oil and Gas (20%), and the state-owned National Petroleum Corporation of Namibia (NAMCOR) (10%).

This strategic move by Grand Gulf presents a low-cost opportunity to enter what is considered one of the world’s most prospective frontier basins, with Block 2312 spanning an area of 16,800 square kilometers in water depths ranging from 1,400 meters to 2,000 meters.

Exploration Potential in the Walvis Basin

The Walvis Basin, where Block 2312 is located, has been attracting significant attention from global players in the oil and gas industry in recent years. Major companies such as Shell, Chevron, TotalEnergies, and Galp have shown interest in the region, leading to the discovery of over 11 billion barrels of oil to date.

The Murombe-1 and Wingat-1 exploration wells near Block 2312 have played a crucial role in establishing the prospectivity of offshore Namibia, with several successful drilling operations boosting optimism in the area.

Recent Discoveries and Exploration Activities

Recent exploration activities in the Orange Basin have yielded impressive results, with a success rate exceeding 80% from 2022 to early 2025. Notable discoveries such as the Graff-1 well drilled by Shell in 2022 and the Venus-1 well by TotalEnergies have put Namibia on the map as a key player in global oil exploration.

Grand Gulf’s interest in Block 2312 stems from the high-quality reservoirs identified in the Prospect S well drilled by Chariot in 2018. The company has conducted a comprehensive technical review of available data, including 3D seismic and 2D seismic surveys, confirming the potential of the block.

Future Prospects and Technical Evaluation

Going forward, Grand Gulf plans to focus on re-evaluating the seismic characteristics of the Prospect S reservoir and nearby features to enhance the understanding of hydrocarbon presence across the block’s most promising targets. With upgraded exploration targets like Prospect B, W, and V, the company is poised to leverage its technical expertise to unlock the full potential of Block 2312.

Overall, Grand Gulf Energy’s pursuit of the petroleum exploration license in offshore Namibia underscores its commitment to tapping into high-potential opportunities in emerging oil and gas markets. The company’s strategic approach and technical capabilities position it well to capitalize on the promising prospects in the Walvis Basin, contributing to the ongoing exploration and development efforts in the region.