BP Secures Namibia Offshore Stakes in Upstream Expansion Push

BP has agreed to acquire a 60% operating interest in three offshore petroleum exploration blocks in Namibia from Canada-based Eco Atlantic Oil & Gas, reinforcing its renewed focus on upstream oil and gas growth.

Under the agreement, BP will pay Eco Atlantic $2.7 million in cash for the stake, according to the Canadian explorer. The transaction marks the energy major’s entry as an operator in Namibia, one of Africa’s most closely watched frontier exploration jurisdictions.

The move comes as BP continues to recalibrate its portfolio towards hydrocarbons following an earlier pivot into renewables. The company has committed to divesting around $20 billion in assets and reducing net debt to between $14 billion and $18 billion by the end of 2027. The strategy shift has drawn scrutiny from investors, with BP under pressure to provide clearer evidence that increased upstream investment will translate into sustained shareholder returns.

The newly acquired licences are located in Namibia’s Walvis Basin, a largely underexplored offshore region situated north of the Orange Basin, where a series of significant discoveries have been made in recent years by majors including Shell and TotalEnergies.

Namibia has rapidly emerged as a key exploration frontier, with expectations that first oil production could be achieved by 2030, subject to development timelines and commercial viability.

BP will join Eco Atlantic and Namibia’s state-owned oil company NAMCOR as partners in the licences, maintaining a joint venture structure typical of early-stage exploration assets in the region.
The transaction underscores renewed international interest in Namibia’s offshore potential, as global operators seek to replenish reserves amid heightened competition for high-quality exploration acreage.