BP Acquires 60% Stake in Three Namibia Offshore Blocks
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- BP agreed to purchase a 60% stake in Namibia’s offshore exploration blocks PEL97, PEL99 and PEL100 from Eco Atlantic Oil & Gas.
- BP will become the operator of the three blocks pending Namibian government approval, while Eco Atlantic and NAMCOR remain partners.
- BP’s move builds on recent discoveries by its Azule Energy joint venture with Eni, which has found hydrocarbons in Namibia’s Orange Basin.
- Gordon Birrell, BP’s executive vice president of production & operations, said the agreement strengthens BP’s exploration portfolio and offers long‑term growth potential.
- BP recently confirmed an oil and gas discovery in the Orange Basin offshore Namibia, joining Shell, TotalEnergies, and Galp as majors with large finds there.
- Namibia hopes to emulate Guyana’s oil boom but lacks the infrastructure needed to develop and monetize new discoveries quickly.
- Meg O’Neill, BP’s new chief executive officer, pledged consistency and clear direction as she took the helm on April 1 amid a strategic reset focused on core oil and gas.
Why it matters: BP’s 60% stake gives it operator control of three promising Namibian blocks, expanding its upstream portfolio and positioning it alongside other majors in a frontier basin. Eco Atlantic and NAMCOR retain partnership stakes, while Namibia’s ambition to become a new oil hub gains a key investor despite lingering infrastructure gaps.
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