Fresh moves by global energy giants are reinforcing Southern Africa’s growing reputation as the continent’s next major oil frontier, with BP securing new exploration interests offshore Namibia.
Industry sources indicate that Namibia has approved the sale of stakes in three exploration licences to BP, marking a significant entry for the British energy major into one of Africa’s most closely watched hydrocarbon basins.
Under the arrangement, BP is expected to operate a 60 per cent interest in the Walvis Basin blocks—located north of earlier discoveries by TotalEnergies SE and Shell Plc—further consolidating its upstream footprint in the region.
The deal, according to company disclosures, remains subject to regulatory approvals and would represent BP’s first operatorship of an oil licence in Namibia.
Checks show that the company had previously made inroads into the country’s oil sector through a joint venture with Eni SpA, where early indications of hydrocarbon presence were recorded.
Namibia’s rapid ascent in global energy conversations follows a string of major discoveries in 2022 by TotalEnergies and Shell, which repositioned the country as a high-potential exploration destination.
Geological estimates suggest the country could be sitting on reserves of up to 2.6 billion barrels, with key activity concentrated across the Orange, Luderitz, Kavango and Walvis basins.
Further afield, exploration momentum has extended into neighbouring South Africa. In August last year, TotalEnergies signalled plans for offshore drilling in the Deep Western Orange Basin—an area stretching into Namibian waters—where promising finds have already been reported.
Environmental consultants had at the time disclosed proposals by the company’s South African subsidiary to drill up to seven wells approximately 211 kilometres off the coast of Saldanha Bay.
Meanwhile, new entrants are also positioning for a share of Namibia’s emerging oil prospects. In February, Brazil’s state-backed Petrobras confirmed the acquisition of a 42.5 per cent stake in an offshore exploration block in the country.
Under the arrangement, Eight and Namcor Exploration and Production are expected to retain 5 per cent and 10 per cent stakes respectively, while Maravilla Oil & Gas exits the asset.
However, Namibian authorities have clarified that they are yet to receive formal notification regarding certain aspects of the reported transactions involving TotalEnergies and Petrobras.
Despite the flurry of exploration activities, Namibia has not commenced commercial oil production. Nonetheless, projections within the industry suggest that the country could achieve first oil by 2030, a development that may significantly alter Africa’s energy landscape.
Analysts say BP’s latest move underscores intensifying global competition for access to Namibia’s offshore assets, as major players race to secure early positions in what is shaping up to be one of the most promising oil provinces in recent times.
