BP Partners with Shell and TotalEnergies in Namibia Offshore Expansion
BP has announced a significant expansion in Namibia’s offshore oil and gas sector. The UK-based supermajor has acquired a 60% stake in three exploration blocks: PEL97, PEL99, and PEL100. This acquisition comes from Eco Atlantic Oil & Gas, with BP planning to enhance its upstream portfolio.
Partnership and Operations in Namibia
Upon completion of the necessary government approvals, BP will serve as the operator of these three blocks in the promising Walvis Basin. Eco Atlantic and Namibia’s national oil company, NAMCOR, will continue to play partnership roles after the transaction is finalized.
Recent Exploration Successes
BP’s move into these offshore blocks coincides with its recent achievements in the region through Azule Energy, a joint venture with Eni. Since January 2025, Azule Energy has reported four successful hydrocarbon discoveries:
- Algaita-01 well
- Gajajeira-01 gas discovery in Angola
- Volans-1X in Namibia’s Orange Basin
- Capricornus-1X discovery
This influx of discoveries reflects the growing attention Namibia is receiving as a potential hotspot for oil and gas exploration.
Strategic Direction for BP
Gordon Birrell, BP’s executive vice president for production and operations, highlighted the importance of this agreement. He stated that it not only marks BP’s entry as an operator in Namibia but also strengthens its exploration portfolio and provides substantial growth opportunities.
Industry Competition and Future Outlook
Other major players like Shell, TotalEnergies, and Galp have also made significant offshore discoveries in Namibia. The country aims to replicate the success of Guyana in the oil sector, although challenges remain due to insufficient infrastructure for rapid development. This can complicate the monetization of discoveries.
In recent strategic shifts, BP’s new CEO, Meg O’Neill, committed to refocusing the company on its core oil and gas operations, especially amidst increasing pressure from investors. Her leadership officially began on April 1, 2025, during a politically and economically challenging period for both the firm and the energy sector.
This partnership with Eco Atlantic and the entry into Namibian exploration underscores BP’s intent to solidify its position in the global oil and gas market.
