The Oslo-listed company BW Energy has bought shares in ReconAfrica to further the search for oil in Namibia.

According to a statement by the African Energy Chamber (AEC), BW Energy will obtain a 20% working interest in petroleum exploration licence 73, which is located in Namibia's Kavango Basin.

The statement noted that the collaboration is valued at a potential US$141 million.

The AEC lauded the partnership for its positive impact on exploration activities and resource development within the region.

"ReconAfrica is currently exploring efforts in the Kavango Basin, adding the recent drilling of the Naingopo-1 well which targeted the Damara Fold Belt, with future plans encompassing a multi-well exploration programme alongside a comprehensive 3D seismic survey in the Kavango Rift Basin," noted the AEC.

ReconAfrica has compiled data to make clear the basin's petroleum system, effectively mitigating exploration risks and facilitating the selection of optimal future well locations.

The statement noted that the strategic partnership grants BW Energy participation in two exploration wells within the Damara Fold Belt and the upcoming 3D seismic programme.

"They hold the option to join exploration activities in the rift basin over the next two years. Notably, ReconAfrica will retain a 70% working interest in the licence, ensuring a substantial potential upside in the event of a discovery."

The statement noted that BW Energy brings a wealth of expertise in oil and gas monetisation across diverse markets to the venture, and the company already holds an operated stake in Namibia's Orange Basin, specifically the 1,3 trillion cubic feet Kudu gas field.