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The British company bp has formalized a strategic agreement to take control of oil exploration in Namibian waters. Through this transaction, the company acquires a 60% majority stake in blocks PEL97, PEL99, and PEL100, previously under the primary management of Eco Atlantic Oil & Gas. This move positions the corporation as the main operator in one of the most promising areas along the African Atlantic margin.
The operation of blocks PEL97, PEL99, and PEL100 in the Walvis Basin
Indeed, the move responds to a plan aimed at strengthening the long-term portfolio of production and hydrocarbon exploration assets. Under the agreed terms, Eco Atlantic will retain an equity presence alongside the state entity NAMCOR. However, technical and operational leadership will fall to bp, which seeks to replicate the positive results recently achieved in other areas of the region.
The company has achieved notable success through Azule Energy, its 50/50 joint venture with Eni, adding discoveries in the Orange and Angola basins. International industry interest in Namibia’s offshore resources is growing, and bp’s arrival as operator reinforces the relevance of this emerging market.
Furthermore, the final execution of the asset transfer remains subject to the relevant approvals from the Government of Namibia and the participating partners. The shared vision between the parties aims for an orderly development of the country’s natural resources. With two discoveries recorded in 2026, the organization demonstrates a capacity for organic growth that strengthens its competitive position in the global energy sector.
Source and photo: bp