Sparks - bp

bp (LSE: BP) has announced that it has agreed to acquire a 60% interest in three offshore exploration blocks in Namibia in the Walvis Basin (PEL97, PEL99 and PEL100) from Eco Atlantic Oil & Gas, further strengthening its strategy of growing its upstream portfolio. Subject to Namibian government approval, bp will be the operator of the three blocks, with Eco Atlantic and Namibia’s national oil company (NAMCOR) remaining partners, following transaction closing conditions are met, including necessary approvals from the Namibian authorities and joint venture partners. Entering these blocks will enable bp to build on its recent exploration successes in Namibia through Azule Energy (a 50:50 joint venture between bp and Eni), which has announced four hydrocarbon discoveries since the beginning of 2025.

Gordon Birrel, bp’s executive vice president, production & operations, stated that Namibia is a region attracting growing industry interest with a number of exciting frontier basins and that the agreement ‘marks bp’s entry into the country as an operator, strengthens bp’s exploration portfolio and provides long-term growth potential.’