BP and Eni in Angola JV talks

The companies are considering combining their oil, gas and LNG assets in Angola into a new joint venture

The two firms have entered into a non-binding MOU to continue the talks. The companies say that a joint venture would create “significant synergies, create more efficient operations, and increase investment and growth in the [Angolan] basin”, while also showing their shared commitment to Angola’s “upstream potential”. The proposed JV would be backed by Eni and BP but also expected to be self-funded, with the goal of pursuing exploration and possible portfolio growth “both in Angola and regionally”. Research firm Welligence Energy Analytics estimates the JV’s combined portfolio at around 250,000bl/d, which would make them Angola’s second largest producer behind state-owned Sonangol. The com