ENI Eni Spa

By Giulia Petroni

Oil-and-gas majors Eni SpA and BP PLC have finalized the agreement to form an independent joint venture in Angola, combining all of their businesses in the country.

The Italian player on Friday said the new company, called Azule Energy, will be independently managed and have more than 200,000 barrels equivalent a day of net oil-and-gas production as well as 2 billion barrels equivalent of net resources.

Azule Energy is expected to be Angola's largest producer, with stakes in 16 licenses and a participation in the Angola liquefied natural gas joint venture, according to Eni. It will also take over the Italian company's stake in Solenova, which is jointly held with Angolan state-oil giant Sonangol.

Eni also said that the new company will have new projects starting up over the next few years and will develop the New Gas Consortium, an upstream natural gas partnership in the country.

Eni and BP had announced their intent to form the JV in May 2021. The creation of the company will be subject to customary governmental and other approvals. The transaction is expected to be completed in the second half of the year.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

March 11, 2022 11:37 ET (16:37 GMT)

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