British multinational bp has agreed to acquire a 60% interest in three offshore exploration blocks in Namibia from Eco (Atlantic) Oil & Gas, as it looks to grow its upstream portfolio.
The agreement covers Petroleum Exploration Licenses 97, 99 and 100 in the Walvis Basin offshore Namibia. Subject to approvals from the Namibian government and joint venture partners, bp will become operator of the blocks. Eco and Namibia’s national oil company, NAMCOR, will retain participating interests.
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Gordon Birrell, bp’s Executive Vice President for Production and Operations, said the deal marks the company’s entry into Namibia as an operator.
“Namibia is a region attracting growing industry interest and has a number of exciting frontier basins,” he said.
He said the agreement strengthens bp’s exploration portfolio and provides long-term growth potential.
“We look forward to supporting the country in developing its resources,” Birrell said.
bp said entry into the blocks will build on recent exploration activity through Azule Energy, its 50:50 joint venture with Eni.
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Completion of the transaction is subject to customary closing conditions, including approvals from Namibian authorities and joint venture partners.
Since the beginning of 2025, Azule Energy has announced four hydrocarbon discoveries. These include the Algaita-01 well and the Gajajeira-01 gas find in Angola, and the Volans-1X and Capricornus-1X discoveries in Namibia’s Orange Basin.
