BP Takes Operatorship of Three Offshore Exploration Licences in Namibia
BP has acquired a 60% stake in three offshore exploration licences in Namibia's Walvis Basin, taking over operatorship and planning 3,000 sq. km of new seismic surveys ahead of potential drilling.
British Petroleum
British energy company BP has completed its acquisition of a 60% stake in three offshore oil exploration licences in Namibia's Walvis Basin, taking over operatorship from Canada's Eco (Atlantic) Oil & Gas.
Eco Atlantic announced the completion on 10 November 2026 after Namibia's Minister of Mines and Energy signed the relevant transfer and renewal documents on 9 November. The transaction gives BP a 60% participating interest in Petroleum Exploration Licences (PELs) 97, 99 and 100, with BP Namibia Energy appointed operator of all three licences. The deal follows preliminary regulatory clearance granted on 1 October and an approval announcement the following day.
PEL97 covers Block 2012A, PEL99 includes Blocks 2111B and 2211A, while PEL100 covers Blocks 2211B and 2311A. The three licences now have the same ownership structure: BP holds 60%, Eco Atlantic retains 25%, Namibia's national oil company, NAMCOR, owns 10%, and local partners hold the remaining 5%. These are Tangi Trading Enterprise in PEL97, Lotus Exploration in PEL99 and Moonshade Investments in PEL100.
BP Advances Seismic Exploration Programme
The change in operatorship allows the partners to proceed with further exploration work across the three licence areas. Namibian authorities have approved plans to acquire at least 3,000 square kilometres of new 3D seismic data across PEL99 and PEL100. The partners will also reprocess existing seismic data from PEL97.
Preparations for the surveys have begun, with data acquisition expected to start in the coming weeks. The work will provide additional geological information to help the partners assess the hydrocarbon potential of the blocks and identify possible drilling targets. However, the seismic programme does not represent a commitment to drill exploration wells. The partners will use the results to inform their decisions on further exploration.
BP Takes on Eco Atlantic's Exploration Costs
Under the agreement, Eco Atlantic will receive a one-time payment of US$2.7 million on 16 November. BP will also cover exploration expenditure attributable to Eco's retained 25% interest during the first renewal period, including Eco's proportional share of costs associated with NAMCOR and the local partners.
The agreement provides for a possible further reduction in Eco Atlantic's interest in 2028. If the partners enter the second renewal period and commit to drilling an exploration well, Eco can transfer an additional 10 percentage points of its interest to BP, reducing its holding from 25% to 15%.
In exchange, BP will cover drilling expenditure attributable to Eco's remaining 15% interest, subject to a maximum of US$21 million per well on each licence. Across PEL97, PEL99 and PEL100, the arrangement provides for up to US$63 million in drilling cost coverage.
BP's next major commitment across the three licences is the planned seismic programme, which will provide the geological data needed before the partners decide whether to proceed with drilling.
