BP p.l.c. (NYSE: BP ) shares traded higher in Monday's premarket session, even as broader indices pointed lower, supported by a risk-on tone across the energy sector. The company said Monday it has agreed to acquire a 60% stake in three offshore exploration blocks—PEL 97, PEL 99, and PEL 100—in Namibia's Walvis Basin from Eco Atlantic Oil & Gas , subject to regulatory approvals. BP will operate the assets, while Eco Atlantic and NAMCOR will retain minority stakes. "Namibia is a region attracting growing industry interest...," said Gordon Birrell , BP's executive vice president of production & operations, highlighting long-term growth potential. The deal builds on BP's recent exploration momentum, including multiple discoveries through Azule Energy, its joint venture with ENI S.p.A. (NYSE: E ). BP Technical Levels: Key Support and Resistance to Watch At $47.09, BP is trading 3.1% above its 20-day simple moving average (SMA), the stock's average price over ... Full story available on Benzinga.com
BP Strengthens Exploration Pipeline With Namibia Offshore Play
