Canadian-headquartered oil and gas company, Eco Atlantic Oil & Gas, has announced that a drill rig is currently on its way to South Africa to drill the company’s Gazania-1 prospect. Hired by Eco Atlantic, the Island Innovator rig is expected to commence drilling by the end of September, with expected spud set for October 1, 2022, subject to weather conditions.
According to a media statement by the Petroleum Agency SA, “the contracted rig was released and mobilized on the 12th August 2022. Eco Atlantic and partners are preparing to drill an exploration well in the Orange Basin’s Block 2B off the west coast of South Africa. This planned well is located 25km from the nearest shoreline in shallow water levels of approximately 150 meters.”
With Eco Atlantic targeting a 300-million-barrel light oil resource in Block 2B, the start of drilling will enable the rapid discovery and accelerated development of the well.
The announcement comes at a time when South Africa is aggressively pursuing alternative energy resources to address its ongoing electricity crisis and fuel price hikes. With the development of potential oil and gas in-country, South Africa will open up critical job opportunities, reduce oil imports and drive socio-economic growth.
Despite community and environmental opposition to exploration activities offshore South Africa, with activists citing environmental and consultation concerns, frontier explores remain committed to unlocking the potential of the country’s offshore basins. In addition to Eco Atlantic’s drilling campaign, geoscience data company, Searcher Seismic, has applied for authorization to continue its planned 3D seismic survey offshore South Africa.
Eco Atlantic’s exploration right is currently in its third stage of renewal, with the drilling complying with the exploration work program associated with the stage.