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Home M&A

ENI, bp to merge Angolan assets into JV company

Energy Capital & Power by Energy Capital & Power
May 20, 2021
in Africa, Angola, Energy, M&A
Reading Time: 1 min read
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ENI, bp to merge Angolan assets into JV company
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In pursuit of increased growth and investment, Italy’s Eni and British multinational oil and gas company bp on Wednesday signed a non-binding memorandum of understanding to advance discussions on combining their oil, gas and LNG interests in Angola.

Both companies believe that combining efforts in a new joint venture company would bring significant new opportunities by driving synergies, creating more efficient operations and increasing investment and growth.

The new company – which will be self-funded – will be supported by Eni and bp and will outline future opportunities in exploration, development and, possibly, portfolio growth, both in Angola and regionally.

Also read: Eni plans to invest US$7B in Angola by 2025

Eni is the operator of producing block 15/06, and of exploration blocks Cabinda North, Cabinda Centro, 1/14 and soon, also, 28 and is also operator of the New Gas Consortium (NGC). In addition, Eni has non-operating stakes in blocks 0 (Cabinda), 3/05, 3 / 05A, 14, 14 K / A-IMI, 15 and in Angola LNG.

bp operates Blocks 18 and 31 offshore Angola, and has non-operating stakes in blocks 15, 17, 20, and soon 29. bp also has non-operating interests in the NGC and Angola LNG.

Any final transaction will be subject to relevant governmental, regulatory and partner approvals.

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Via: Energy Capital & Power
Tags: Angolacrude oilENI bp to merge Angolan assets into JV companyJoint VentureLNGNatural GasNatural Resourcesoilанголаأنغولاアンゴラ安哥拉
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Energy Capital & Power

Energy Capital & Power

Energy Capital & Power is the African continent’s leading investment platform for the energy sector. Through a series of events, online content and investment reports, we unite the entire energy value chain – from oil and gas exploration to renewable power – and facilitate global and intra-African investment and collaboration.

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