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BP Taps Into Namibia’s Oil Boom—Could This Fuel Its Comeback?

BP has agreed to acquire a 60% interest and operatorship in three offshore exploration licenses in Namibia’s Walvis Basin, a move that places the company more directly inside one of the most closely watched frontier oil provinces in the world. The blocks sit north of the offshore discoveries that drew global attention to Namibia after successful campaigns by TotalEnergies and Shell, and the transaction would mark BP’s first operated license in the country if it receives government approval. The timing is notable because BP has also been recasting its broader strategy around stronger balance-sheet discipline, tighter capital allocation, and a deeper emphasis on high-return upstream opportunities. In its February 2026 earnings call, management highlighted Namibia alongside Brazil and the Middle East as part of a refreshed long-term resource “hopper,” while also pointing to earlier success in Namibia through its joint venture with Eni.