Eni, BP Finalize Agreement to Create Independent JV in Angola
11 März 2022 - 5:52PM
Dow Jones News
By Giulia Petroni
Oil-and-gas majors Eni SpA and BP PLC have finalized the
agreement to form an independent joint venture in Angola, combining
all of their businesses in the country.
The Italian player on Friday said the new company, called Azule
Energy, will be independently managed and have more than 200,000
barrels equivalent a day of net oil-and-gas production as well as 2
billion barrels equivalent of net resources.
Azule Energy is expected to be Angola's largest producer, with
stakes in 16 licenses and a participation in the Angola liquefied
natural gas joint venture, according to Eni. It will also take over
the Italian company's stake in Solenova, which is jointly held with
Angolan state-oil giant Sonangol.
Eni also said that the new company will have new projects
starting up over the next few years and will develop the New Gas
Consortium, an upstream natural gas partnership in the country.
Eni and BP had announced their intent to form the JV in May
2021. The creation of the company will be subject to customary
governmental and other approvals. The transaction is expected to be
completed in the second half of the year.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
March 11, 2022 11:37 ET (16:37 GMT)
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