WINDHOEK, April 13 – Oil giant BP has agreed to acquire a 60% operating stake in three offshore exploration blocks in Namibia from Eco Atlantic Oil & Gas for $2.7 million, marking its entry into one of Africa’s most active oil frontiers.
The assets are located in the Walvis Basin, an area seen as highly prospective due to its proximity to the Orange Basin, where major discoveries have been made by companies including Shell and TotalEnergies.
The deal underscores BP’s renewed focus on upstream oil and gas, following a strategic pivot away from earlier low-carbon ambitions. The company has outlined plans to divest up to $20 billion in assets and reduce debt to between $14 billion and $18 billion by 2027 as part of efforts to strengthen returns and reassure investors.
Namibia has emerged as a global exploration hotspot in recent years, with the government targeting first oil production by 2030. BP’s entry as an operator signals growing confidence in the country’s offshore potential and its role in future global energy supply.
Under the agreement, NAMCOR will remain a partner alongside Eco Atlantic, ensuring local participation in the project.
The move reflects a broader industry shift, as major oil companies reallocate capital toward high-potential hydrocarbon basins amid rising global energy demand and supply uncertainty.
