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.
