The African Energy Chamber (AEC) has welcomed bp’s acquisition of a 60 percent operating interest in three offshore exploration blocks in Namibia, describing the move as a strong endorsement of Africa’s frontier basins and the continent’s expanding role in global energy supply.
The transaction grants bp operatorship of blocks PEL97, PEL99 and PEL100 in the Walvis Basin, representing a significant expansion of the company’s upstream footprint in Africa. The assets were acquired from Eco Atlantic Oil & Gas, positioning bp closer to Namibia’s fast-developing deepwater exploration corridor near the Orange Basin.
Industry stakeholders view the deal as further evidence of a shift in Africa’s exploration narrative, from perceived frontier risk to a more competitive global opportunity, supported by strong geological potential, improving partnerships and growing investor confidence.
NJ Ayuk, executive chairman of the AEC, emphasised the importance of both bp’s investment and the early exploration efforts led by Gil Holzman and Eco Atlantic. He noted that such collaboration between international majors and Africa-focused companies is key to unlocking value, building technical expertise and accelerating development across the continent.
Namibia has emerged as one of the world’s most closely watched frontier exploration regions following a series of offshore discoveries in the Orange Basin by companies including Shell, TotalEnergies and Galp. These discoveries have repositioned the country as a potential multi-billion-barrel deepwater oil province, attracting significant international interest.
While the Walvis Basin remains comparatively underexplored, it is increasingly regarded as a geological extension of the same petroleum system. Early indications suggest similar reservoir characteristics, positioning it as a potential next frontier for exploration-driven investment. Although development timelines remain long-term, Namibia is targeting first offshore production by the end of the decade, subject to continued exploration success and infrastructure development.
bp’s entry reflects a broader rebalancing of global upstream portfolios, with international oil companies prioritising high-impact exploration opportunities capable of delivering long-term reserves growth. As mature basins face declining output and rising costs, frontier regions such as Namibia are gaining prominence due to their scale, geological upside and relatively open acreage.
Under the terms of the agreement, Eco Atlantic will retain a minority stake alongside NAMCOR, ensuring local participation in the development of the blocks. This structure is seen as critical for translating exploration success into domestic economic value, skills development and long-term production capacity.
Although Namibia remains in the exploration phase, the pace of activity suggests a rapidly evolving basin. bp’s involvement is expected to bring both technical expertise and financial resources that could accelerate appraisal drilling and future development planning.
The transaction also reinforces Africa’s upstream sector as an increasingly important component of global energy security, particularly as supply diversification becomes a strategic priority. bp’s investment, alongside the early groundwork established by Eco Atlantic, highlights a collaborative model that positions Namibia as a key player in Africa’s deepwater future.
For more information visit www.energychamber.org
