Eni, BP Explore Combining Interests in Angola Into New JV
May 19 2021 - 4:53AM
Dow Jones News
By Giulia Petroni
Eni SpA and BP PLC on Wednesday signed a non-binding memorandum
of understanding to explore combining their upstream portfolios in
Angola into a new joint venture.
The Italian oil and gas major said Wednesday that the venture,
which would be self-funded, would include all their oil, gas and
liquefied natural gas interests in the country.
"The companies believe that combining their efforts in a new
joint venture company would bring significant opportunities for
them to jointly boost future developments and operations in
Angola," Eni said. "In particular, it would be expected to generate
significant synergies, create more efficient operations and
increase investment and growth in the basin."
Eni and BP have informed the Angolan government of their
intention and appointed advisors to support them in raising finance
for the project.
Any transaction will be subject to governmental and regulatory
approvals.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
May 19, 2021 04:38 ET (08:38 GMT)
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