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Hydrocarbon Processing Refining Databook 2025: Middle East & Africa
The Middle East is focusing on modernisation and expansion projects, while Africa is seeking to reduce its imports of refined products
Angola eyes upstream revamp
West African producer’s national oil agency considers licensing overhaul for faster rounds
Africa’s new breed of buyers eye production ramp-ups
Domestic companies in Nigeria and other African jurisdictions are buying assets from existing majors they view as more likely to deliver production upside under their stewardship
Sonangol must escape former regime’s shadow to achieve IPO
Angola is unlikely to meet the official timeline for an IPO of state-owned oil giant Sonangol in 2026
Letter on Africa: New African refineries could help break old dependencies
A profound shift is occurring in the global refining sector, one which might help redefine Africa’s place in worldwide trade networks
Expanded Afentra eyes fresh growth
The independent is keen to supply feedgas for Angola LNG and is assessing opportunities both in and beyond the southern African nation
Angola project thwarts upstream decline
Kaminho deepwater FID raises hopes of reigniting much-needed further investment in ailing sector
Angola high oil potential blocks for award
Eight blocks in the Lower Congo and Kwanza onshore basins available for award
Angola’s OPEC departure runs deep
Luanda’s decision to leave the influential group surprised many observers but may have been coming for some time
African lenders back Angolan refinery
Efforts by African institutions and others to push development in the continent appear to be gaining momentum
BP CEO Bernard Looney
BP Eni Angola
Peter Ramsay
3 August 2021
Follow @PetroleumEcon
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BP’s Angolan JV could provide future template

The major’s pooling of non-core resources with Italy’s Eni may be a model moving forward

BP’s plans to spin off its Angolan assets into a combined vehicle with those of Eni “make eminent sense”, according to the firm’s, CEO Bernard Looney. “These always made sense. They probably make even more sense going into the future,” he says. “And you should expect us to continue to search for creative ways to make sure that hydrocarbons inside our business are as resilient as possible. We will be innovative in how we go about that,” Looney continues. This suggests that other standalone vehicles—where BP retains a financial stake in formerly owned assets combined with those of other operators—could be part of its arsenal alongside divestments in areas outside of its identified core areas.

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