💨 Abstract

BP is expanding its oil exploration in Namibia, buying a 60% stake in three offshore blocks for $2.7 million. This move comes amid global fuel market uncertainty and geopolitical tensions. Namibia aims to start oil production by 2030, with major companies like Shell and TotalEnergies already making significant discoveries in the region. BP's shift back to fossil fuels follows a previous focus on renewables and plans to reduce debt by 2027.

Courtesy: Nick Pawson