(Alliance News) - Eni SpA and BP PLC on Wednesday said they have agreed to progress detailed discussions on combining their upstream portfolios in Angola.
The oil majors said 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. In particular, it would be expected to generate significant synergies, create more efficient operations, and increase investment and growth in their Angolan exploration blocks.
Eni and BP said they have informed the Angolan government of their intention and have appointed advisors that will support the companies in raising finance for the new joint venture.
Eni is operator of block 15/06, and exploration blocks Cabinda North, Cabinda Centro, and the New Gas Consortium. In addition, Eni has a stake in the non-operated blocks 0, 3/05, 3 / 05A, 14, 14 K / A-IMI, 15 and in Angola LNG.
BP is operator of blocks 18 and 31 offshore Angola, and has non-operated stakes in blocks 15, 17, 20. BP also has non-operated interests in the NGC and Angola LNG.
Eni shares were trading 1.0% lower in Milan on Wednesday at EUR10.33 each, while BP stock was down 1.8% in London at 311.20 pence a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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