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BP CEO Bernard Looney
BP Eni Angola
Peter Ramsay
Editor-in-chief
3 August 2021
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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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