• BP acquires 60% stake in three offshore exploration blocks

• Move follows growing interest from majors like TotalEnergies and Chevron

• Namibia targets first oil production by 2030

BP is stepping into Namibia’s fast-growing oil exploration sector, joining other global majors already active in the country. On April 13, the British energy group announced it had acquired a majority stake in three offshore blocks in the Walvis Basin.

Under the deal, BP takes a 60% interest in Petroleum Exploration Licenses 97, 99, and 100 and will operate the assets. The remaining stakes are held by Eco (Atlantic) Oil & Gas (20%), Namibia’s state-owned NAMCOR (10%), and Azinam (10%).

The move marks BP’s deeper entry into a largely underexplored basin seen as highly promising. Once regulatory approvals are secured, the company plans to begin exploration work, drawing on existing geological and seismic data to assess the blocks’ hydrocarbon potential.

BP said the acquisition aligns with its upstream strategy, aimed at expanding its portfolio in emerging exploration regions through partnerships with local players.

The deal comes amid growing momentum in Namibia’s oil sector. BP becomes an operator in the country for the first time, although it already has a presence through Azule Energy, its joint venture with Italy’s Eni.

According to Gordon Birrell, BP’s head of exploration and production, Namibia is attracting increasing industry interest, with underexplored basins offering long-term growth potential.

That interest has been fueled by a series of recent discoveries. In 2025, BP reported a gas and condensate find at the Volans-1X well in the Orange Basin, described as Azule Energy’s third discovery of the year. Earlier, Azule had also identified significant hydrocarbons at the Capricornus-1X well, with test volumes estimated at around 11,000 barrels per day.

Namibia is aiming to bring its first oil production online by 2030, a key objective in its national energy strategy, according to officials from the Ministry of Mines and Energy.

Abdel-Latif Boureima