BP to buy 60% interest in three offshore exploration blocks in Namibia

(Sharecast News) - BP said on Monday that it has agreed to buy a 60% interest in three offshore exploration blocks in Namibia from Eco Atlantic Oil & Gas as part of its strategy to grow its upstream portfolio. Subject to Namibian government approvals, BP will be the operator of three blocks - PEL97, PEL99 and PEL100 - offshore Namibia in the Walvis Basin, with Eco Atlantic remaining a partner, along with Namibia's national oil company NAMCOR, following transaction closing conditions being met.

Gordon Birrell, executive vice president, production & 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."

BP said that entering these blocks will enable the company to build on its recent exploration successes in Namibia through Azule Energy.

No financial details were disclosed.