BP to Buy 60% and Operate Three Offshore Blocks in Namibia

Overview

• BP agreed to buy 60% of three Walvis Basin exploration blocks from Eco Atlantic, pending approvals from Namibia’s government and joint-venture partners.
• BP is set to become operator of PEL97, PEL99, and PEL100, with Eco Atlantic and state oil company NAMCOR remaining in the partnership.
• BP said the move builds on recent discoveries made through Azule Energy, its 50:50 venture with Eni in Angola and Namibia.
• The acquisition fits BP’s strategy to expand core oil and gas output after it pared back spending on renewables last year.
• Interest in Namibia has surged after large finds by several majors, though limited local infrastructure could slow and raise the cost of bringing new fields to market.