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.

Source: Further Africa