BP Secures Majority Stake in Namibia’s Walvis Basin Exploration Blocks

BP is expanding into Namibia’s fast-growing oil exploration sector, joining a wave of global majors moving into the country. On April 13, the British energy group announced it had acquired a majority stake in three offshore blocks in the Walvis Basin. The deal gives BP a 60% interest in Petroleum Exploration Licenses 97, 99, and 100, with operatorship of the assets. The remaining stakes are held by Eco (Atlantic) Oil & Gas (20%), Namibia’s state-owned NAMCOR (10%), and Azinam (10%).

BP Secures Majority Stake in Walvis Basin Blocks

The acquisition marks BP’s entry into one of Namibia’s less explored but increasingly attractive basins. Pending regulatory approvals, the company plans to launch exploration activities, using existing geological and seismic data to evaluate the blocks’ hydrocarbon potential. BP said the move aligns with its upstream strategy of building a stronger presence in emerging exploration regions through partnerships with local and regional players.

The timing suggests growing momentum in Namibia’s oil sector, which has drawn rising interest following a series of offshore discoveries. While this is BP’s first role as an operator in the country, it already has exposure through Azule Energy, its joint venture with Italy’s Eni.

Discoveries Driving Investor Interest

In 2025, BP reported a gas and condensate find at the Volans-1X well in the Orange Basin Azule Energy’s third discovery that year. Earlier, the joint venture also identified significant hydrocarbons at the Capricornus-1X well, with test volumes estimated at around 11,000 barrels per day.

Namibia is targeting first oil production by 2030, a central milestone in its national energy strategy, according to the Ministry of Mines and Energy.