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BP and Eni combine their oil and gas upstream businesses in Angola

BP and Eni have signed an agreement to form a new 50:50 independent company, Azule Energy, which will combine the two companies’ Angolan businesses; this agreement follows the Memorandum of Understanding (MoU) between the companies agreed in May 2021. Azule Energy will be Angola's largest producer, holding stakes in 16 licences, as well as participating in the Angola LNG joint venture. The new company will have a net oil and gas production of more than 200,000 boe/d and 2 Gboe of net resources. Azule Energy will also take over Eni’s stake in Solenova, a solar company jointly held with Sonangol. Azule Energy will have a strong pipeline of new projects starting up over the next few years, including the new Agogo and PAJ oil projects in Blocks 15/06 and 31, respectively. It will also develop the New Gas Consortium (NGC), the first non-associated gas project in the country.

Eni is currently the operator of Blocks 15/06 Cabinda North, Cabinda Centro, 1/14, 28 and soon NGC. In addition, the group has a stake in the non-operated blocks 0 (Cabinda), 3/05, 3/05A, 14, 14 K/A-IMI, 15 and in Angola LNG. Meanwhile, BP is operator of Blocks 18 and 31 offshore Angola, and has non-operated stakes in blocks 15, 17, 20 and 29. bp also has non-operated interests in NGC and Angola LNG.