TSE Oil to Launch €80 Million Exploration Programme in Namibia’s Walvis Basin Block 2312
Namibian energy firm TSE Oil and Gas has announced its readiness to begin exploration activities in Block 2312 of the Walvis Basin, supported by a comprehensive €80 million (N$1.6 billion) programme. The initiative includes seismic surveys and the drilling of two offshore wells.
TSE Oil CEO Thomas Shindi stated that the company submitted its application for a Petroleum Exploration Licence (PEL) in 2022 and is currently awaiting approval from the Ministry of Mines and Energy.
The exploration programme allocates €10 million (N$200 million) for seismic and geological work, and €70 million (N$1.4 billion) for the drilling phase.
Block 2312 spans 16,800 square kilometres in water depths ranging from 1,400 to 2,000 metres, located just south of Chevron-operated PEL 82.
“We have planned two well drillings, with a total budget of €80 million split between exploration and drilling,” said Shindi.
He added that internal data reviews indicate significant potential, and the company has held recent discussions with the Ministry regarding the licence.
TSE Oil has already secured funding for both its technical programme and its Corporate Social Investment (CSI) Fund.
“We’re optimistic because the data looks promising. We’ve identified multiple anomalies and leads in the area that suggest strong potential,” Shindi explained.
TSE Oil, established in 2012, holds a 20% stake in the block. NAMCOR, Namibia’s state-owned oil company, owns 10%, while Australian firm Grand Gulf Energy—through its acquisition of Wrangel Resources—controls the remaining 70%. The exploration licence application is still under review.
“The Ministry has indicated they are ready to process our application. The funds for the work programme and the CSI Fund are already in place,” Shindi confirmed.
Community Investment Commitments
TSE has committed to a N$5 million (€250,000) annual CSI Fund for four years, with an option to extend for an additional two years. The fund focuses on education, mental health, and community development.
Beneficiaries to date include:
Busyland Kindergarten
Maltehoe Community Trust
Three schools in the Maltahöhe area
Centaurus High School
Mariental High School
Unicare Foundation (focused on mental health and addiction)
Tigers Sports Club
“When we launched the CSI Fund, we started with six entities. We want to give back to Namibian communities, particularly focusing on children’s mental health and education,” said Shindi.
Block 2312 Exploration Potential
The block contains 6,100 km² of 3D seismic data and 4,700 line-kilometres of 2D seismic data. A previous operator estimated mean prospective resources of 1.1 billion barrels of oil.
The area lies near the Murombe-1 and Wingat-1 wells, which played a pivotal role in confirming the hydrocarbon potential of Namibia’s offshore region.
