The agreement follows the signing of a memorandum of understanding (MoU) between the companies, in May 2021.
The new JV, named Azule Energy, will have a net production of more than 200,000 barrels equivalent per day of oil and gas, and two billion barrels equivalent of net resources.
Eni CEO Claudio Descalzi said: “Combining two world-class businesses into one stronger team, Azule Energy, will leverage synergies and high-quality assets, boosting activities in Angola, and will have one of the largest portfolios of production, development, and exploration opportunities in Sub-Saharan Africa.”
Expected to be the country’s largest producer, the independently managed Azule Energy will own stakes in 16 licences, as well as stakes in the Angola LNG joint venture.
The new JV will take over Eni’s stake in the solar company, Solenova, which the Italian firm owned jointly with Sonangol.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
BP CEO Bernard Looney said: “Azule Energy draws on our combined strengths and skills and, more importantly, is anchored in our shared values and beliefs about what the future of energy should be.
“Ultimately, Azule Energy will be able to drive efficiencies and realise new opportunities across an expanded and truly exciting portfolio.”
Eni currently operates blocks 15/06 Cabinda North, Cabinda Centro, and 1/14, 28. It also owns stakes in blocks 0 (Cabinda), 3/05, 3/05A, 14, 14 K/A-IMI, 15, and in the Angola LNG project.
BP operates blocks 18 and 31, offshore Angola. It owns stakes in blocks 15, 17, 20, and 29, as well as the Angola LNG project.
UK-based oil and gas firm IOG signed a new gas sales agreement (GSA) with BP Gas Marketing (BPGM).
Under the deal, IOG will sell equity gas from the Saturn Banks Phase one fields Blythe, Elgood, Southwark, in the UK southern North Sea, and the Phase two Nailsworth, and Elland fields.
The gas will be delivered with break clauses to BP after September 2023, on a long-term basis.
The GSA replaces the exiting gas sales agreement, signed between the firms in February 2014, that only covered the Blythe field.
Last month, BP announced that it was to offload its 19.75% stake in the Russian state-owned oil firm Rosneft.