Published by Global Banking & Finance Review®
Posted on April 13, 2026
2 min readLast updated: April 13, 2026
Add as preferred source on GoogleBP is acquiring a 60% operating stake in three offshore Namibian exploration blocks from Eco Atlantic for $2.7 million, marking its entry into the region as it refocuses on oil and gas while scaling back renewables.
April 13 (Reuters) - BP on Monday agreed to buy an operating interest in three offshore exploration blocks in Namibia from Canada-based Eco Atlantic Oil & Gas as it ramps up its upstream portfolio.
BP will pay Eco Atlantic $2.7 million in cash for the 60% interest in the three petroleum exploration licences, the Canadian firm said.
The oil major has turned its focus back to oil and gas after an ill-fated foray into renewables, pledging to dispose $20 billion worth of assets and cut its debt to between $14 billion-$18 billion by end-2027.
BP has been under pressure nL6N40Q0LC to publish more information to prove its strategy of shifting spending from low-carbon to oil and gas projects will boost shareholder value.
The deal marks BP's entry as an operator in the southern African country, a global oil and gas exploration hot spot which hopes to produce its first oil by 2030.
The blocks are located in the Walvis Basin, a vast area north of the prolific Orange Basin where all of Namibia's offshore discoveries have been made by oil majors including Shell and TotalEnergies.
Eco Atlantic will remain a partner in the blocks along with Namibia’s national oil company NAMCOR, BP said.
(Reporting by Prerna Bedi in Bengaluru; Editing by Sonia Cheema and Mrigank Dhaniwala)
BP acquired a 60% operating interest in three offshore exploration blocks in Namibia from Eco Atlantic Oil & Gas.
BP paid Eco Atlantic $2.7 million in cash for the 60% interest in the three offshore petroleum exploration licences.
BP is shifting spending from renewables back to oil and gas to boost shareholder value and has pledged to cut debt and dispose of assets.
The exploration blocks are located in Namibia's Walvis Basin, north of the prolific Orange Basin.
BP's partners include Eco Atlantic and Namibia's national oil company, NAMCOR.
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