BP has agreed to purchase a 60% operator interest in the PEL97, PEL99, and PEL100 blocks in Namibia’s Walvis Basin from Eco Atlantic Oil & Gas for a cash consideration of $2.7 million. Eco Atlantic and Namibia’s national oil company, NAMCOR, will retain minority stakes in the blocks.
The deal expands BP’s upstream portfolio in Africa and gives the company a foothold in a region that is increasingly viewed as a frontier for deep‑water oil and gas. The Walvis Basin is considered a geological extension of the successful Orange Basin discoveries, and BP’s entry signals confidence in the basin’s untapped potential.
BP already operates in Namibia through its joint venture Azule Energy, which has produced hydrocarbon discoveries that provide a foundation for the new operated position. Planned exploration activities include seismic reprocessing and 3D seismic surveys, with a provision for BP to acquire an additional stake if the licenses are extended in 2028.
Gordon Birrell, BP’s executive vice president of production & operations, said the agreement marks BP’s entry into Namibia as an operator, strengthens its exploration portfolio, and provides long‑term growth potential. The move aligns with BP’s strategy to shift spending from low‑carbon projects to oil and gas and to reduce debt.
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