Eni and BP exploring combining Angolan upstream interests

The new company would be supported by Eni and BP and would be expected to be self-funded. A business plan for the company would be agreed by Eni and BP to allow it to capture future opportunities in exploration, development and possibly portfolio growth, both in Angola and regionally.

Eni and BP have informed the Angolan Government of their intention. Any final transaction will be subject to relevant governmental, regulatory, and partner approvals.

The companies 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, 1/14 and soon 28 and is also operator of the New Gas Consortium (NGC). In addition, Eni has a stake in the non-operated blocks 0 (Cabinda), 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, and soon 29. bp also has non-operated interests in the NGC and Angola LNG.

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