bp and Eni announced last week that they have entered into a non-binding memorandum of understanding (MoU) to progress detailed discussions on combining their upstream portfolios in Angola, including all their oil, gas and LNG interests in the country.
The new company would be supported by Eni and bp, benefitting from the competencies and personnel of each, and would be expected to be self-funded. A business plan for the company would be agreed by bp and Eni to allow it to capture future opportunities in exploration, development and possibly portfolio growth, both in Angola and regionally.
HSE performance, project delivery and production efficiency will be priority areas for the management. The companies’ social investment commitments in the country will continue to be honoured.