BP Farm-Down Clears Final Namibian Regulatory Approval
Final ministerial approval has been granted for BP to acquire 60% interests and operatorship across three Eco Atlantic petroleum exploration licences in Namibia’s offshore Walvis Basin.
SOURCE SIGNAL
Eco Atlantic received final ministerial approval on 1 October 2026 for the transfer of a 60% participating interest in three Namibian offshore petroleum exploration licences to BP Namibia Energy.
The transaction covers PEL 97, PEL 99 and PEL 100 in the Walvis Basin. On completion, BP will assume operatorship while Eco Atlantic will retain a 25% participating interest.
The approval represents the final governmental consent required for the transfer. The parties were still completing the remaining closing deliverables when the announcement was released.
The approved exploration programme includes seismic reprocessing on PEL 97 and the acquisition of at least 3,000 square kilometres of new 3D seismic data across PEL 99 and PEL 100. BP will carry Eco’s retained interest, together with the relevant NAMCOR and local-partner interests, during the current exploration phase.
COUNTRY IMPACT
Final ministerial approval removes a material regulatory condition from BP’s proposed entry into these Walvis Basin licences.
The transaction brings the technical capacity and financial resources of a major international energy company into a substantial offshore exploration portfolio. The planned seismic programme could support further geological assessment and future drilling decisions.
The licences remain exploration assets. Approval of the farm-down does not establish a commercial discovery, development decision or future petroleum production. Completion of the transaction and execution of the exploration programme remain the next milestones.
RELEVANCE TO SUNGATE
The offshore licences have no direct physical or operating connection to SUNGATE.
Their relevance lies in the wider economic activity generated as Namibia attracts international energy companies, specialist expertise, capital and exploration programmes. Offshore activity can create supporting requirements across aviation, logistics, accommodation, professional services, equipment movement and commercial operations.
SUNGATE’s position adjacent to Hosea Kutako International Airport and at the convergence of air, road and rail places it within the broader gateway environment through which international personnel, services and investment may move. This is a national economic relevance rather than a claim of project-specific demand at SUNGATE.
SOURCE
Eco (Atlantic) Oil & Gas Ltd / Regulatory News Service — “Ministerial Approval – Namibia Licences Farm-down,” 2 October 2026.