Australian player eyeing entry into Namibia’s frontier basin

Australian company Grand Gulf Energy has signed an agreement to potentially acquire a majority working interest in a petroleum exploration license in the Walvis Basin, off the coast of Namibia. The license covers Block 2312 and is currently sought by Wrangel in partnership with TSE Oil and Gas and NAMCOR. Grand Gulf sees this as a cost-effective opportunity to enter a highly promising frontier basin with significant oil reserves discovered by major global players like Shell, Chevron, and TotalEnergies. The company plans to conduct further exploration in the area, building on the success of previous drilling activities in the region.