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.
Welcome to the PE Media Network
PE Media Network publishes Petroleum Economist, Hydrogen Economist and Transition Economist to form the only genuinely comprehensive intelligence service covering the global energy industry