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20 May 2021 (Last Updated May 20th, 2021 16:39)
Italy’s Eni and BP are in negotiations to merge their oil and gas businesses in Angola.
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Italy’s Eni and British oil major BP have initiated talks to club their oil, gas and LNG assets in Angola.
According to the non-binding memorandum of understanding (MoU), the two firms will explore merging their interest in a new joint venture (JV) company.
The companies expect the new JV to bring significant opportunities to jointly boost future developments and operations in the country.
In a press statement, Eni said: “In particular, it would be expected to generate significant synergies, create more efficient operations and increase investment and growth in the basin.”