BP

BP has agreed to acquire a 60% working interest and assume operatorship across three offshore blocks in Namibia's Walvis Basin (PEL97, PEL99 and PEL100) purchased from Eco Atlantic Oil & Gas.

Namibia's national oil company NAMCOR will remain a partner alongside Eco Atlantic, with the transaction subject to customary approvals from the Namibian authorities.

The move is strategically consistent: BP is building directly on the recent exploration momentum of Azule Energy, its 50/50 joint venture with Eni, which has announced four hydrocarbon discoveries across Angola and Namibia since the start of 2025 (including Volans-1X and Capricornus-1X in the neighboring Orange Basin).

BP has also booked two further discoveries of its own since January, following 12 in 2025, pointing to an exploration engine running at full pace. Taking on operatorship in the Walvis Basin represents a direct step up in one of the most closely watched frontier provinces in the industry today.

In the current high-Brent environment, this kind of announcement strengthens the investment case for the integrated majors: BP combines near-term price leverage through its existing production base with long-term optionality via a growing exploration portfolio.

A positive signal for the stock.