UK-based supermajor BP has agreed to buy 60% in three offshore exploration blocks in Namibia as part of its ongoing strategy to grow its upstream portfolio.
The company will buy from Canada-based Eco Atlantic Oil & Gas a majority 60% stake in each of the PEL97, PEL99, and PEL100 exploration blocks offshore Namibia, one of the world’s most sought-after exploration sites in recent years.
Subject to approvals by the Namibian government, the UK supermajor will become the operator of the three blocks in the Walvis Basin offshore Namibia, while Eco Atlantic will remain a partner, along with Namibia’s national oil company NAMCOR, following transaction closing conditions being met.
Entering these blocks will enable BP to build on its recent exploration successes in Namibia through Azule Energy, the supermajor said.
Since the beginning of 2025, Azule Energy, a 50/50 joint venture between BP and Eni, has announced four hydrocarbon discoveries: the Algaita-01 well and Gajajeira-01 gas find in Angola and the Volans-1X and Capricornus-1X discoveries in Namibia’s Orange Basin.
“Namibia is a region attracting growing industry interest and has a number of exciting frontier basins,” said Gordon Birrell, BP’s executive vice president, production & operations.
“This agreement marks bp’s entry into the country as an operator, strengthens bp’s exploration portfolio and provides long-term growth potential.”
Shell, TotalEnergies, BP, and Galp have all made large discoveries offshore Namibia.
In October, BP confirmed an oil and gas discovery in the Orange basin offshore Namibia.
Namibia hopes to become the next Guyana, but it lacks infrastructure to fast-track the discoveries, which make them more expensive and difficult to develop and monetize.
BP last year yielded to investor pressure and announced a major strategy reset to slash investments in renewables and focus on its core business of producing oil and gas.
BP’s new chief executive officer Meg O’Neill has pledged consistency and clear direction in her first message to staff as she took over the top job at the supermajor on April 1, amid very turbulent times for both the company and the energy industry.
By Charles Kennedy for Oilprice.com
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