BP receives Namibian approval to acquire 60% stake in offshore blocks

BP received formal ministerial approval on October 1, 2026, to acquire a 60% participating interest and operatorship in three offshore exploration licenses in Namibia from Eco Atlantic Oil and Gas. The decision by the Minister of Industries, Mines and Energy grants the final government consent required under Section 11 of the Petroleum Act.

The transaction covers Block 2012A PEL 97, Blocks 2111B and 2211A PEL 99, and Blocks 2211B and 2311A PEL 100 in the Walvis Basin. BP subsidiary BP Namibia Energy will pay a one-time cash consideration of $2.7 million upon completion. Eco retains a 25% interest, while NAMCOR holds 10% and local partners hold 5%.

Under the agreement, BP will carry 100% of Eco's 25% share, as well as Eco's proportionate share of the stakes held by NAMCOR and local partners during the current exploration phase. The approved work program includes completing seismic reprocessing on PEL 97 and acquiring at least 3,000 square kilometers of new 3D seismic data across PEL 99 and PEL 100.

If BP and partners enter the second renewal period in 2028 and commit to drilling an exploration well, Eco can exercise a put option to sell an additional 10% interest to BP. In exchange, BP would carry Eco's remaining 15% interest, capped at $21 million net per well for each license, reaching a maximum aggregate carry consideration of $63 million.