BP dives back into oil with major Namibian exploration push

Logo of British Petroleum BP is seen at a petrol station in Pienkow, Poland. Image credit: Reuters/Kacper Pempel/File Photo

BP will pay Eco Atlantic $2.7m 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 of $20bn worth of assets and cut its debt to between $14bn and $18bn by the end of 2027.

BP has been under pressure to publish more information to prove its strategy of shifting spending from low-carbon to oil and gas projects will boost shareholder value.

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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.