Energy Capital & Power

Eni, bp Finalize New Joint Venture in Angola  

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British major bp and Italian multinational Eni have finalized an agreement to merge their Angolan upstream businesses and create a new independent joint venture, known as Azule Energy.

With more than 200,000 barrels per day of net oil and gas production and two billion barrels equivalent of net resources across 16 licenses, Azule Energy is set to represent Angola’s largest producer, in addition to holding stakes in Angola LNG and the New Gas Consortium.

The agreement comes as both supermajors seek to streamline their oil and gas portfolios and align themselves with a low-carbon future. Azule Energy will also hold a 50%-stake in Eni’s solar company and joint venture with state-owned Sonangol, Solenova.

“Angola has long been important for BP operations and this innovative new venture underscores and enables our continued commitment to the country. Eni is a valued partner to be working with in the region. 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,” said Bernard Looney, Chief Executive of BP.

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Grace Goodrich

Grace Goodrich

Grace Goodrich is a Publications Editor at Energy Capital & Power, where she writes about the intersection of energy, policy and global finance in sub-Saharan Africa's fastest-growing economies. Grace produces our Africa Energy Series investment reports in Angola and Equatorial Guinea (2019), as well as co-authored African Energy Chamber: Road to Recovery (2021).