Mubasher: BP and Eni have inked a non-binding Memorandum of Understanding (MoU) to enter into talks to combine their upstream portfolios in Angola, including all oil, gas, and liquefied natural gas (LNG) interests.

The companies are in talks to form a new joint venture company to foster developments and operations in Angola, raise investments in the basin, and continue developing the upstream sector of Angola, according to a press release on Wednesday.

Expected to be self-funded, the new company will seize opportunities in exploration and development both in Angola and regionally under a business plan that would be approved by BP and Eni.

Any final transaction will be subject to relevant governmental, regulatory, and partner approvals.

Eni operates block 15/06 and exploration blocks Cabinda North, Cabinda Centro, 1/14, and soon 28, in addition to the New Gas Consortium (NGC). 

Meanwhile, BP operates Blocks 18 and 31 offshore Angola and has non-operated stakes in blocks 15, 17, 20, and soon 29, alongside non-operated interests in the NGC and Angola LNG.