BP has agreed to acquire a 60% interest in three offshore exploration licences in Namibia from Eco Atlantic Oil & Gas, the companies announced on Monday.
Under the agreement, two Eco Atlantic subsidiaries will farm out an aggregate 60% participating Interest in the PEL 97, PEL 99 and PEL 100 licences and transfer operatorship to BP for a one-time cash consideration of USD 2.7 million, plus options to transfer additional stakes in the blocks to BP if it extends the licences in 2028, up to a maximum amount of USD 63 million.
PEL 97 contains one shallow-water block, while PEL 99 and PEL 100 each contain two deepwater blocks. All licences are located in Namibia’s Walvis Bay.
“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,” said Gordon Birrell, BP’s executive vice-president, production & operations.
The planned exploration programme for the blocks includes, subject to government approval, completing seismic reprocessing on PEL97 and carrying out a 3D seismic survey of at least 3,000 square kilometres on PEL99 and PEL100.
The move adds to BP’s recent exploration momentum in Namibia through its joint venture with Eni, Azule Energy, which has logged four hydrocarbon discoveries since the beginning of 2025, namely, the Algaita-01 well and Gajajeira-01 gas find in Angola and the Volans-1X and Capricornus-1X discoveries in Namibia’s Orange Basin.
Listed in London and Toronto, Eco Atlantic is an oil and gas exploration company with a portfolio of offshore interests in Guyana, Namibia and South Africa.