BP has completed its farm-down agreement with Eco (Atlantic) Oil & Gas, acquiring a 60% interest and operatorship in three offshore exploration licences in Namibia’s Walvis Basin.
The licences are PEL97, PEL99 and PEL100. Eco retains a 25% interest, Namibia’s national oil company NAMCOR holds 10%, and local partners hold the remaining 5%.
The approved exploration programme includes at least 3,000 km² of new 3D seismic acquisition across PEL99 and PEL100, alongside reprocessing of existing seismic data from PEL97. Preparations are under way, with acquisition expected to begin in the coming weeks.
The final ministerial deeds were signed on 9 November, completing the transfer and allowing the joint venture to progress its next phase of exploration under BP’s operatorship.
