M&A Activity Drives Growth and Exploration in Namibia’s Booming Oil and Gas Sector

Gil Holzman, CEO of Eco Atlantic Oil & Gas, illuminated the transformative impact of acquisitions on his company's growth journey in Namibia.

Merger and acquisition (M&A) activity is proving to be a decisive force reshaping Namibia’s upstream oil and gas sector, as underscored during a high-profile panel discussion at the Namibia International Energy Conference (NIEC) on Thursday. Industry leaders emphasized that strategic M&A transactions are unlocking new capital, enhancing technical capabilities, and accelerating exploration across the country's prolific basins.

Gil Holzman, CEO of Eco Atlantic Oil & Gas, illuminated the transformative impact of acquisitions on his company's growth journey in Namibia. “Most of our best blocks are the result of M&As,” Holzman noted, citing the 2021 acquisition of Azinam as a pivotal move that secured Eco Atlantic promising licenses in the Orange Basin.

Since entering the Namibian market in 2009, Eco Atlantic has methodically expanded its asset portfolio through strategic acquisitions, positioning itself advantageously within one of Africa’s most promising exploration frontiers. Holzman stressed that M&As involving energy giants like ExxonMobil, QatarEnergy, Chevron, and TotalEnergies have been instrumental not just in injecting critical capital but also in introducing advanced technological capabilities necessary for complex offshore and onshore exploration.

Eco Atlantic’s operational blueprint revolves around a phased approach, securing promising prospects, undertaking initial de-risking activities internally, and subsequently bringing in technically strong and financially robust partners to unlock larger opportunities.

ReconAfrica and Sintana Energy Spotlight M&A's Role

Adding to the conversation, Adam Rubin, General Counsel at ReconAfrica, reaffirmed that M&A strategies are critical levers for catalyzing value creation and facilitating the capital-intensive demands of upstream development. “We have not yet produced onshore, but the oil is there. Be patient – we will find it and produce,” Rubin stated, underlining ReconAfrica’s commitment to advancing from exploration to production in Namibia’s Kavango Basin.

Similarly, Robert Bose, CEO of Sintana Energy, pointed to M&A activity as a cornerstone of Sintana’s growth model. Bose explained that acquiring and merging assets had enabled Sintana to diversify its portfolio and forge strategic partnerships, particularly those that bring technical expertise and additional capital to the table. “Cost-effective investment remains a key motivator, and we are focused on disciplined growth,” Bose said, stressing the importance of financial prudence even as opportunities expand.

Financial Institutions Eyeing Opportunity in Asset Divestment

From a financial standpoint, Liz Williamson, Head of Energy at Rand Merchant Bank, shed light on a significant emerging trend: the divestment of mature or late-life assets by international oil companies (IOCs). Williamson explained that such divestments often create unique opportunities for mid-cap companies, which typically have a laser focus and fresh capital to fully exploit these assets.

“This trend is beneficial for African governments, as middle-tier companies are often better suited to fully commit to and invest in these projects,” Williamson noted. However, she cautioned that maintaining Namibia’s attractiveness to investors would require robust, transparent deal frameworks and clear local content policies. “Not many African countries are currently securing significant foreign direct investment, and Namibia must maintain its appeal by offering clarity on local content laws,” she emphasized.

The Road Ahead: African Energy Week 2025 and Beyond

As Namibia continues to rise as one of Africa’s foremost exploration hotspots, the momentum around M&A-driven growth is expected to remain a central theme. These discussions will continue at African Energy Week 2025: Invest in African Energies, slated for September 29–October 3, 2025, in Cape Town, South Africa. The event promises to convene global investors, industry leaders, and policymakers to advance partnerships, showcase high-impact projects, and channel investments into Africa’s burgeoning energy markets.

Namibia’s surging profile, bolstered by recent exploration successes and a favorable investment climate, will undoubtedly draw heightened interest from major global stakeholders looking to stake their claim in one of the continent’s most dynamic and promising energy landscapes.