Italy’s Eni and supermajor BP are looking to combine their upstream portfolios in Angola, including all their oil, gas and LNG interests in the country.
The two energy players have entered into a non-binding memorandum of understanding to progress detailed discussions, and believe that combining their efforts in a new joint venture company would bring significant opportunities for them to jointly boost future developments and operations in Angola.
The new company would be supported by Eni and BP, and would be expected to be self-funded.
Eni and BP have informed the Angolan government of their intention, and any final transaction will be subject to relevant governmental, regulatory, and partner approvals.
Eni is operator of block 15/06, and exploration blocks Cabinda North, Cabinda Centro, 1/14 and soon 28 and is also operator of the New Gas Consortium (NGC). In addition, Eni has a stake in the non-operated blocks 0 (Cabinda), 3/05, 3 / 05A, 14, 14 K / A-IMI, 15 and in Angola LNG.
BP is operator of blocks 18 and 31 offshore Angola, and has non-operated stakes in blocks 15, 17, 20, and soon 29. BP also has non-operated interests in the NGC and Angola LNG.