ReconAfrica’s General Counsel Adam Rubin says mergers and acquisitions remain a strategic avenue to catalyze value creation, drive innovation and meet the substantial capital demands of upstream development.
Rubin spoke during a session titled M&A Trends in the Oil & Gas Sector at the Namibia International Energy Conference on Thursday, April 24, 2025.
Partner, Engling, Stritter & Partners’ Nawala Kamati moderated the session that had Sintana Energy CEO Robert Bose, Rand Merchant Bank’s head of energy Liz Williamson, Eco Atlantic Oil & Gas CEO Gil Holzman and Bowmans’ senior partner Irvin Titus as panellists.
Rubin said that although ReconAfrica has not yet produced it in the Kavango Basin, they will find and produce oil and gas.
“The oil is there. Be patient – we will find it and produce,” Rubin said.
BW Energy acquired approximately 6.6% of the ordinary shares in Reconnaissance Energy Africa Ltd. and a 20% non-operating interest in the onshore PEL 73.
Holzman said most of Eco Atlantic’s best blocks result from mergers and acquisitions.
Eco holds operatorship and an 85% working interest in four offshore PELs 97, 98, 99, and 100, representing a combined area of 28,593 km2 in the Walvis Basin.
Holzman said the company’s most recent acquisition was in 2021 when it bought Azinam, which gave them promising blocks in the Orange Basin.
He said these acquisitions have fortified Eco Atlantic’s asset portfolio while positioning Namibia as an increasingly attractive frontier for global exploration.
“We aim to secure promising prospects, de-risk them internally and then attract partners with the technical know-how and capital required to unlock new frontiers,” Holzman said.
Holzman also said the mergers and acquisitions transactions involving supermajors such as ExxonMobil, QatarEnergy, Chevron and TotalEnergies were instrumental in bringing in capital and the technical capabilities needed to advance exploration in Namibia’s offshore and onshore basins.
Bose said mergers and acquisitions enabled Sintana to broaden its asset base and build relationships with complementary partners.
“M&As have helped us connect with the right partners and diversify our portfolio. Cost-effective investment remains a key motivator, and we are focused on disciplined growth,” Bose said.
Sintana is an indirect partner via its interest in Trago Energy (Pty) Limited in the PEL 90 in the Orange Basin, offshore Namibia.
The company also has a stake with Galp Energia in PEL 83 in the Orange basin and is an indirect partner via its ownership interest in PEL 90 located offshore Namibia.
Williamson said mergers and acquisitions create openings for mid-cap firms with fresh capital and a focused approach to step in.
“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 said.
Williamson emphasised the importance of establishing clear, investor-friendly deal frameworks and local content policies that build investor confidence.
“Not many African countries are currently securing significant foreign direct investment, and Namibia must maintain its appeal by offering clarity on local content laws,” Williamson said.