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.”
The Angolan government has been notified of Eni and BP’s plan and the potential transaction would be subject to relevant governmental, regulatory, and partner approvals.
Advisors have also been appointed by the companies to support in raising finance for the new joint venture.
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Last month, Reuters reported that Eni, along with its partners, plans to invest around $7bn over the next four years in exploration and production, refining and solar energy in Angola.
In Angola, Eni serves as operator of block 15/06, and exploration blocks Cabinda North, and Cabinda Centro.
It also has a stake in blocks 0 (Cabinda), 3/05, 3 / 05A, 14, 14 K / A-IMI, 15 and in Angola LNG project.
In addition to serving as operator of blocks 18 and 31 offshore Angola, BP has non-operated stakes in blocks 15, 17, and 20.