Global energy major bp has expanded its footprint in Africa after securing a 60% interest in three offshore exploration blocks in Namibia’s Walvis Basin, positioning itself to participate in one of the world’s most promising emerging oil and gas regions.

The transaction marks bp’s first entry into Namibia as an offshore operator and forms part of the company’s strategy to strengthen its upstream exploration portfolio while pursuing long-term growth opportunities in frontier energy markets.

bp Acquires Majority Stake in Walvis Basin Blocks

Under the agreement, bp will acquire a 60% working interest in Petroleum Exploration Licences (PEL) 97, 99 and 100 from Eco Atlantic Oil & Gas. Once the transaction receives the necessary regulatory and partner approvals, bp will assume operatorship of the offshore licences.

Eco Atlantic will retain an interest in the assets, while Namibia’s national oil company, NAMCOR, will continue to hold its stake in the project.

The acquisition represents a significant milestone for bp as it establishes an operational presence in Namibia, a country that has rapidly become one of Africa’s most attractive oil and gas exploration destinations following a series of major offshore discoveries in recent years.

Expanding Exploration in a High-Potential Frontier Basin

The Walvis Basin is regarded as one of Namibia’s key frontier exploration regions, attracting increasing attention from international energy companies seeking new hydrocarbon opportunities.

According to bp, the acquisition supports its long-term strategy of building a diversified portfolio of high-impact exploration assets capable of delivering sustainable growth.

Gordon Birrell, Executive Vice President for Production and Operations at bp, described Namibia as one of the industry’s most exciting frontier basins, noting that the agreement strengthens the company’s global exploration portfolio while creating opportunities for future resource development.

He added that bp looks forward to working with stakeholders to help unlock Namibia’s energy potential and support the country’s ambitions to responsibly develop its natural resources.

Building on Recent Exploration Success

The Namibia acquisition follows a period of strong exploration performance for bp and its joint venture operations across Africa.

Through Azule Energy, its 50:50 joint venture with Eni, bp has recorded several significant hydrocarbon discoveries since the beginning of 2025. These include the Algaita-01 and Gajajeira-01 discoveries offshore Angola, together with the Volans-1X and Capricornus-1X discoveries in Namibia’s Orange Basin.

The company has also reported a series of additional discoveries globally during the year, reflecting continued investment in exploration despite evolving energy market conditions.

Confidence in Namibia’s Growing Energy Sector

Namibia has rapidly emerged as one of the world’s most closely watched exploration hotspots following successive offshore oil discoveries that have attracted substantial international investment.

bp’s decision to enter the Walvis Basin highlights growing industry confidence in the country’s untapped hydrocarbon potential and reinforces Namibia’s position as an increasingly important destination for upstream energy investment.

The transaction remains subject to customary regulatory approvals from the Namibian government and the relevant joint venture partners before it can be finalised.

Once completed, the deal is expected to strengthen bp’s long-term exploration pipeline while contributing to Namibia’s efforts to develop its offshore energy resources and attract further investment into the sector.