Eni and BP have signed a non-binding Memorandum of Understanding (MoU) to explore the possibility to combine their upstream oil and gas portfolios and LNG interests in Angola into a new joint venture (JV). The JV would generate significant synergies, improve operational efficiency, and boost investment in the country.
Eni currently operates the block 15/06 and exploration blocks Cabinda North, Cabinda Centro, 1/14 and 28; the Italian group is also operator of the New Gas Consortium (NGC). In addition, it holds 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 operates Blocks 18 and 31 offshore Angola, and has non-operated stakes in blocks 15, 17, 20, and 29. The group also has non-operated interests in the NGC and Angola LNG. Commissioned in 2013, the Angola LNG plant (US$10bn) is owned by Chevron (operator, 36.4%), Sonangol (22.8%), BP (13.6%), Eni (13.6%) and Total (13.6%). It experienced several technical issues and produced at full capacity only in 2017.