BP has agreed to acquire a 60 per cent interest in three offshore exploration blocks in Namibia, as part of its strategy to grow its upstream portfolio.
The deal, struck with Eco Atlantic Oil & Gas, marks BP’s entry into the region as an operator, further solidifying its commitment to long-term growth in frontier basins.
Under the terms of the agreement, BP will take the lead on blocks PEL97, PEL99, and PEL100, situated in the Walvis Basin offshore Namibia.
Eco Atlantic and Namibia’s national oil company, NAMCOR, will remain as partners in the venture.
The transaction remains subject to customary closing conditions, including final approvals from the Namibian government and the existing joint venture partners.
Gordon Birrell, BP’s executive vice president of production and operations, said: “Namibia is a region attracting growing industry interest and has a number of exciting frontier basins.”
“This agreement marks bp’s entry into the country as an operator, strengthens bp’s exploration portfolio and provides long-term growth potential. We look forward to supporting the country in developing its resources.”
This latest venture builds upon BP’s recent momentum in Southern Africa, particularly through its involvement with Azule Energy, a 50:50 joint venture between BP and Eni.
Azule Energy has enjoyed considerable success in the region, including the recent Volans-1X and Capricornus-1X discoveries in Namibia’s Orange Basin, as well as the Algaita-01 well and Gajajeira-01 gas find in Angola.
BP has pursued exploration to support organic growth, announcing two discoveries since the start of 2026, following the 12 discoveries made throughout 2025.
By securing these new blocks, BP aims to leverage its technical expertise and capital to unlock the resource potential of the Walvis Basin.
