Eco Atlantic Farms Down 60% of Key Namibia Offshore Stakes to BP Namibia Energy

Eco (Atlantic) Oil & Gas has agreed to farm down a significant 60% working interest in its offshore Namibia exploration blocks to BP Namibia Energy. This major transaction reshapes the ownership and operational landscape for these highly prospective assets, signaling a strategic shift for the junior explorer and a deepening commitment from the energy major in the region.

The deal specifically involves Eco Atlantic's stakes in four blocks: the Orange Basin blocks 3B/4B and the Walvis Basin blocks 2B and 3B/4B. Following the completion of the farm-down, Eco Atlantic will retain a 15% working interest in these licenses, with BP Namibia Energy assuming operatorship. This move transfers the majority of the financial and technical burden for future exploration and appraisal activities to BP, a company with vastly greater resources and deepwater expertise.

The transaction underscores the intense industry focus on Namibia's offshore basins, particularly the Orange Basin, following major discoveries by other operators. For Eco Atlantic, it provides a path to de-risk its portfolio and secure a powerful partner to advance exploration. For BP, it represents a strategic expansion of its footprint in a frontier region viewed as one of the world's most promising new oil and gas provinces. The deal is subject to customary government and regulatory approvals.