LONDON — BP is taking a 60% stake and operatorship in three offshore petroleum exploration licences in Namibia’s Walvis Basin from Eco Atlantic, giving the company a direct operated position in one of Africa’s most closely watched frontier plays. The move expands BP’s upstream options in a basin north of the Orange Basin, where Namibia’s headline offshore discoveries have been concentrated, April 13, 2026.
In a statement, BP said it will become operator of PEL97, PEL99 and PEL100, subject to regulatory approvals. The three licences — known as Cooper, Guy and Tamar — give BP direct control of exploration acreage in the Walvis Basin.
Eco Atlantic said BP will pay $2.7 million in cash at completion. After closing, BP will hold 60% in each block, Eco will retain 25%, NAMCOR will keep 10%, and local partners will hold the remaining 5%, with the three licences together covering about 22,893 square kilometers.
Why Namibia offshore blocks matter to BP
The attraction is not just acreage. Eco said BP will carry Eco’s retained interest through the current exploration phase, which includes seismic reprocessing on Cooper and at least 3,000 square kilometers of 3D seismic on Guy and Tamar. Eco also preserved an option to transfer another 10% to BP in 2028 if the partners move into a second renewal period and commit to drilling, giving BP a possible path to deepen its position if the early work is encouraging.
Reuters reported that the farm-in marks BP’s first operated position in Namibia and comes as the company sharpens its focus on oil and gas. For Namibia, which hopes to produce first oil by 2030, the transaction adds another major name to an offshore race that is still expanding beyond the Orange Basin’s better-known discoveries.
How Namibia offshore blocks fit a longer exploration story
This is not BP’s first step toward Namibian offshore acreage. In a May 2024 Reuters report, Azule Energy — BP’s joint venture with Eni for Angolan assets — signed into an Orange Basin licence with Rhino Resources, giving BP an earlier, indirect route into the country’s exploration race before this direct operatorship move.
But Namibia’s promise has never meant certainty. A January 2025 Reuters report showed how difficult the geology can be when Shell took a roughly $400 million write-down on one offshore discovery after saying it could not yet be confirmed for commercial development. That remains a useful reminder that frontier acreage can be strategically attractive long before they become commercially straightforward.
The current deal also builds on Eco’s own repositioning in the Walvis Basin. Drilling Contractor reported in September 2025 that Eco had extended PEL97, PEL99 and PEL100 through September 2026 while farming out PEL98 elsewhere, effectively buying time to bring in a larger partner. BP is now the company using that extended runway to take over operatorship.
For BP, the structure offers operatorship and a fresh seismic campaign for an upfront cash consideration of $2.7 million, with bigger spending pushed into exploration rather than immediate development. For Namibia, the deal is another sign that even after uneven drilling results and a few commercial setbacks, international capital is still looking beyond the Orange Basin toward the country’s next offshore opening.
