BP Secures New Exploration Licenses in Africa’s Emerging Oil Hotspot

Rowan Ashford

Published: April 13, 2026 9:59 AM ET

BP Secures New Exploration Licenses in Africa’s Emerging Oil Hotspot

BP, the UK-based oil giant, has secured new exploration licenses in Namibia, solidifying its presence in Africa’s emerging oil hotspot. The company has reached an agreement to acquire stakes in three exploration licenses within the Walvis Basin. This strategic move enhances BP’s portfolio, as it will operate 60% of the blocks in this promising region, following significant discoveries by other energy companies.

Details of the Exploration Deal

Under the terms of the agreement, BP will take on operatorship of these licenses, marking a significant milestone as it will be the first time the company has operated a Namibian license. However, the deal remains contingent upon approval from the Namibian government.

Important Developments in Namibia’s Oil Sector

Namibia is recognized as a key emerging energy frontier in Africa.
The country is estimated to hold up to 2.6 billion barrels of oil reserves.
Significant exploration hotspots include the Orange, Luderitz, Kavango, and Walvis basins.

In 2022, Namibia gained attention following major oil discoveries by TotalEnergies SE and Shell Plc. These discoveries have sparked increased interest in the region and attracted further investments from global players.

Other Key Players in Namibia’s Oil Landscape

In recent developments, Brazil’s state-run Petrobras has secured a 42.5% stake in an offshore exploration block in Namibia, partnering with Eight and Namcor Exploration and Production, which hold 5% and 10%, respectively. Maravilla Oil & Gas has divested its stake as part of the deal.

Though Namibia currently lacks operational oil production, experts predict that the country could begin commercial output by 2030. This timeline reflects growing confidence in Namibia’s oil potential.

Conclusion

The exploration licenses secured by BP underscore the increasing interest and investment in Namibia’s burgeoning oil sector. As exploration activities progress, Namibia is poised to become a significant player in the global oil landscape.