BP to buy 60% stake in three Eco Atlantic PELs offshore Namibia

BP, done its wholly owned subsidiary bp Namibia Energy, has entered into an statement with Eco (Atlantic) Oil & Gas to get a 60% participating involvement successful each of Eco Atlantic’s 3 petroleum exploration licences (PELs) offshore Namibia.

This determination aligns with bp’s strategy to grow its upstream portfolio.

The blocks, identified arsenic PEL97, PEL99 and PEL100, are located successful the Walvis Basin.

Closing of the transaction is contingent upon modular closing conditions including receipt of the applicable consents from Namibian regulators and the support of the associated task (JV) partners.

Following this, bp volition run the 3 blocks.

Upon completion of the transaction, Eco, done its wholly owned subsidiaries Eco Namibia and Eco Services, volition clasp a 25% participating involvement successful each of PEL97, PEL99 and PEL100.

Under the presumption of the agreement, Eco volition person a one-off currency outgo of $2.7m (C$3.71m) connected completion.

During the existent exploration phase, bp volition money 100% of the costs attributable to Eco’s retained 25% involvement and volition besides screen Eco’s proportionate stock of the carried interests relating to NAMCOR’s 10% involvement and the section partners’ 5% stakes crossed each 3 licences.

BP accumulation and operations enforcement vice-president Gordon Birrell said: “Namibia is simply a portion attracting increasing manufacture involvement and has a fig of breathtaking frontier basins.

“This statement marks bp’s introduction into the state arsenic an operator, strengthens bp’s exploration portfolio and provides semipermanent maturation potential. We look guardant to supporting the state successful processing its resources.”

The projected enactment programme includes reprocessing seismic information connected PEL97 and undertaking a 3D seismic survey of astatine slightest 3,000km² crossed PEL99 and PEL100.

If bp and its partners participate the Second Renewal Period of the licence word successful 2028 and opt to drill, Eco tin take to either transportation an further 10% involvement to bp with a capped carry-on remaining outgo oregon clasp its 25% interest.

The imaginable aggregate transportation information by bp could scope up to $63m (£46.53m) should each enactment options beryllium exercised crossed the licences, constricted to $21m per option.

If Eco exercises the enactment enactment connected PEL97, PEL99 and PEL100, bp’s full maximum transportation vulnerability would beryllium $63m, taxable to a $21m headdress per licence.

BP has reported 2 exploration successes truthful acold this year, gathering connected 12 discoveries recorded successful 2025 and reinforcing its exploration pipeline to underpin longer-term integrated growth.

It added that Azule Energy, its 50:50 JV with Eni, has confirmed 4 hydrocarbon finds since aboriginal 2025: the Algaita-01 good and the Gajajeira-01 state find offshore Angola, on with the Volans-1X and Capricornus-1X discoveries successful Namibia’s Orange Basin.