ENI, bp to merge Angolan assets into JV company
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.
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.