US EditionBP Buys 60% Stake in Namibia Offshore Exploration Blocks
The deal gives BP operatorship of the blocks and expands its upstream portfolio as Namibia draws more interest from major oil companies.
- On Monday, British Petroleum agreed to buy a 60% operating interest in three offshore blocks from Canada-based Eco Atlantic Oil & Gas for $2.7 million, marking BP's first role as an operator in Namibia.
- BP is refocusing on oil and gas after an 'ill-fated foray into renewables,' planning to dispose of $20 billion in assets by 2027 while facing pressure to boost shareholder value.
- The acquisition covers petroleum exploration licences PEL97, PEL99, and PEL100 in the Walvis Basin, where Eco Atlantic retains a 25% interest, subject to Namibian government and TSX Venture Exchange approvals.
- Namibia hopes to produce its first oil by 2030, with the Walvis Basin situated north of the prolific Orange Basin, a region attracting significant industry interest.
- BP Executive Vice President Gordon Birrell called Namibia a region with 'exciting frontier basins,' while Eco Atlantic chief executive Gil Holzman said, 'We look forward to continuing our excellent working relationship.
15 Articles
15 Articles
Fuel crisis: BP ramps up oil exploration off Namibian coast
BP has bought stakes in offshore Namibian oil blocks as energy companies double down on fossil fuels amid volatile global fuel markets. The company has agreed to buy a 60% operating interest in three offshore exploration blocks from Eco Atlantic Oil & Gas for $2.7 million. The blocks lie in Namibia’s Walvis Basin, north of the prolific Orange Basin, where several major offshore discoveries have already been made. An exploration hotspot The deal …
BP Joins Shell and TotalEnergies in Namibia's Offshore Rush
UK-based supermajor BP has agreed to buy 60% in three offshore exploration blocks in Namibia as part of its ongoing strategy to grow its upstream portfolio. The company will buy from Canada-based Eco Atlantic Oil & Gas a majority 60% stake in each of the PEL97, PEL99, and PEL100 exploration blocks offshore Namibia, one of the world's most sought-after exploration sites in recent years. Subject to approvals by the Namibian government, the UK supe…
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