BP to Acquire 60% Stakes in PEL97, PEL99 and PEL100 for $2.7m
BP will acquire 60% interests in Namibia’s offshore PEL97, PEL99 and PEL100 for $2.7m, subject to regulatory and joint venture approvals. BP Namibia Energy will operate the licences and fund 100% of Eco Atlantic’s exploration costs plus carries for NAMCOR’s 10% and local partners’ 5% stakes.
1. Transaction Details
BP’s wholly owned bp Namibia Energy subsidiary has signed an agreement to acquire a 60% participating interest in PEL97, PEL99 and PEL100 offshore Namibia from Eco Atlantic for a one-off cash consideration of $2.7m, with completion contingent on Namibian regulatory and joint venture approvals.
2. Funding and Operating Role
Upon closing, BP will operate all three petroleum exploration licences and fund 100% of Eco Atlantic’s 25% exploration costs, as well as carry the 10% stake held by NAMCOR and the 5% stakes held by local partners during the current exploration phase.
3. Carry Consideration Cap
Under put-option provisions exercisable upon entering the second renewal period in 2028 and deciding to drill, Eco Atlantic may transfer up to an additional 10% interest per licence, with BP’s total maximum carry exposure capped at $63m across the three licences (maximum $21m per block).
4. Strategic Context
The agreement marks BP’s first operating entry into Namibia’s Walvis Basin, enhancing its upstream portfolio following two exploration successes so far in 2026 and building on Azule Energy’s four hydrocarbon discoveries offshore Angola and Namibia since early 2025.