BP plc (NYSE: BP) has agreed to acquire a 60% interest in three offshore exploration blocks in Namibia from Eco Atlantic Oil & Gas, the company announced.

The transaction involves blocks PEL97, PEL99 and PEL100 in the Walvis Basin offshore Namibia. BP will serve as operator of the blocks, with Eco Atlantic remaining as a partner alongside Namibia's national oil company NAMCOR.

The deal requires approval from the Namibian government and other customary closing conditions, including approvals from joint venture partners.

"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 for production and operations.

BP has exploration activities in Namibia through Azule Energy, a 50:50 joint venture with Eni. Since the beginning of 2025, Azule Energy has announced four hydrocarbon discoveries in the region, including the Volans-1X and Capricornus-1X discoveries in Namibia's Orange Basin, as well as finds in Angola.

BP reported two exploration discoveries since the start of the year, following 12 discoveries in 2025. The company stated the acquisitions support its strategy to grow its upstream portfolio and long-term organic growth plans.

The financial terms of the transaction were not disclosed in the company's announcement.