Lily Sawyer is an in-house writer for Africa Outlook Magazine, where she is responsible for interviewing corporate executives and crafting original features for the magazine, corporate...
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bp has secured a 60 percent stake in three offshore blocks in Namibia’s Walvis Basin, reinforcing its upstream ambitions and positioning the company for long-term exploration growth in a high-potential frontier region.
bp has agreed to acquire a 60 percent interest in three offshore exploration blocks – PEL97, PEL99, and PEL100 – from Eco Atlantic Oil & Gas, marking a significant step in the company’s upstream expansion strategy.
Subject to government approvals, bp will assume operatorship of the assets located in Namibia’s Walvis Basin. Eco Atlantic will retain a stake, alongside Namibia’s national oil company, NAMCOR, once the transaction reaches completion.
The move represents bp’s formal entry into Namibia as an operator, a region increasingly recognised for its untapped hydrocarbon potential and growing industry attention.
Credit: bp
BUILDING A HIGH-IMPACT EXPLORATION PORTFOLIO
The acquisition aligns with bp’s wider objective of strengthening its exploration portfolio and unlocking long-term growth opportunities.
Gordon Birrell, Executive Vice President of Production & Operations at bp, highlighted the strategic importance of the deal, noting Namibia’s emergence as a compelling frontier basin with considerable promise.
By securing operatorship in these blocks, bp gains a platform to directly influence exploration activity and development strategies in a region that continues to attract global investment.
Namibia is a region attracting growing industry interest and has a number of exciting frontier basins. This agreement marks bp’s entry into the country as an operator, strengthens bp’s exploration portfolio and provides long-term growth potential. We look forward to supporting the country in developing its resources
The agreement also builds on bp’s recent exploration momentum, particularly through Azule Energy – its 50:50 joint venture with Eni.
Since the beginning of 2025, Azule Energy has reported four hydrocarbon discoveries, including the Algaita-01 well and Gajajeira-01 gas find in Angola, as well as the Volans-1X and Capricornus-1X discoveries in Namibia’s Orange Basin.
These successes complement bp’s broader exploration performance, which includes 12 discoveries in 2025 and two additional discoveries announced earlier this year.
LONG-TERM GROWTH IN A FRONTIER REGION
Namibia’s offshore basins are rapidly gaining recognition as one of the most promising new exploration frontiers globally. bp’s entry into the Walvis Basin positions the company to capitalise on this momentum while supporting the country’s resource development ambitions.
Completion of the transaction remains subject to customary conditions, including approvals from Namibian authorities and joint venture partners.
As bp continues to expand its upstream footprint, the Namibia deal underscores its commitment to organic growth, portfolio resilience, and strategic participation in emerging energy hubs.
This article was produced by the editorial team at Africa Outlook and published as part of the Outlook Publishing global network of B2B industry magazines.
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Lily Sawyer is an in-house writer for Africa Outlook Magazine, where she is responsible for interviewing corporate executives and crafting original features for the magazine, corporate brochures, and the digital platform.
