BP has agreed to acquire stakes in three offshore exploration blocks in Namibia, marking its first operated position in the country as it looks to expand its upstream oil and gas portfolio.
Subject to regulatory approval, BP will become operator of licences PEL97, PEL99 and PEL100 in the Walvis Basin, after agreeing to acquire a 60pc interest in the blocks from London-listed Eco Atlantic Oil and Gas. Eco Atlantic will remain a partner alongside Namibia's state-owned oil company Namcor.
Namibia has emerged as one of the oil and gas industry's most closely watched exploration hotspots in recent years, following a series of high-impact offshore discoveries that have drawn growing interest from international producers such as Shell and TotalEnergies.
BP said the acreage offers exposure to frontier basins with long-term growth potential.
The acquisition builds on BP's existing presence in Namibia through Azule Energy, its 50:50 joint venture with Italy's Eni, which made light oil and gas condensate discoveries at the Capricornus 1X and Volans 1X wells in the Orange Basin last year.
