BP buys into Namibia blocks as country continues to lure big oil

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By Paul Burkhardt, Bloomberg 

BP Plc agreed to buy stakes in three exploration licenses off Namibia as oil majors continue to expand in one of Africa’s drilling hotspots.

The company will take a 60% interest and operatorship of the blocks in the Walvis Basin, north of discoveries made by TotalEnergies SE and Shell Plc. BP has already found oil in Namibia through a joint venture with Eni SpA.

The southern African country became a focus for some of the world’s largest explorers when Shell and Total both struck oil four years ago. While not all drilling campaigns there have been successful, Total added another offshore prospect earlier this year.

The latest deal, subject to government approval, will mark the first time BP has taken operatorship at a Namibian license, the company said in a statement on Monday.

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