BP Acquires 60% Stake in Eco Atlantic's Namibia Offshore Exploration Blocks
BP has entered into an agreement to acquire a 60% stake in Eco Atlantic's offshore exploration blocks in Namibia. This transaction involves the transfer of operatorship across three exploration licenses in the Walvis basin, specifically Petroleum Exploration Licenses (PEL) 97, 99, and 100. Eco Atlantic will retain a 25% interest in these blocks, while BP will lead exploration activities. The agreement includes BP carrying Eco's retained interest through the current exploration phase, which involves reprocessing existing seismic data and acquiring 3,000 square kilometers of 3D seismic data. If the exploration progresses to drilling, Eco Atlantic has the option to either participate in costs or further reduce its interest in exchange for a carry on future wells. This strategic move reflects Eco's approach to partner with larger operators to advance exploration while minimizing capital exposure. 
