BP has agreed to acquire a 60 percent operating interest in three offshore exploration licences in Namibia’s Walvis Basin from Eco Atlantic Oil & Gas, marking its entry as operator in the southern African country.

The $2.7 million cash deal, announced Monday, gives the UK oil major control of blocks PEL97, PEL99 and PEL100, expanding its upstream footprint in one of the world’s most closely watched frontier basins.

Eco Atlantic will retain a minority stake alongside Namibia’s national oil company NAMCOR, ensuring continued local participation.

BP’s move comes as the company rebalances its global portfolio, shifting focus back to oil and gas after setbacks in renewables.

The supermajor has pledged to dispose of $20 billion in assets and reduce debt to between $14 billion and $18 billion by 2027.

Its entry into Namibia adds technical expertise and financial capacity that could accelerate appraisal drilling and future development planning, with the country targeting first oil by 2030.

The African Energy Chamber (AEC) welcomed the transaction, describing it as a strong endorsement of Africa’s frontier basins and a sign of rising investor confidence in the continent’s role in global energy supply.

Namibia has emerged as a hot spot for deepwater exploration following discoveries in the Orange Basin by Shell, TotalEnergies and Galp.