BP and Eni are emerging to become a new and independent 50/50 company. The two have signed an agreement lately and it follows the MoU agreed earlier in May 2021.
The new energy company is to be named Azule Energy and learned to be managing over 200,000 barrels of gas and oil production a day as well as 2 billion barrels of net resources.
The new company is claimed to become the largest producer of oil and gas in Angola. Azule Energy holds stakes in sixteen licenses and to take part in the country's LNG joint venture. Moreover, the stake of Eni in solar company Solenova will be acquired by the new independent company, which will simultaneously be having a strong pipeline of the upcoming projects to be kicked off in a couple of years from now. It will include the oil projects of Agogo and PAJ in Blocks 15/06.
Development of the New Gas Consortium is on the card and this will be Angola's first non-associated gas project to support the energy needs of the growing economy. The country is paving the decarbonization path.
Eni and BP share common goals for the new company in achieving sustainability and environmental ambitions. The two are believed to be putting efforts in the long-term perspective and creating efficient operations. Angola will witness growth, job creation and investment opportunities in near future.
A statement from the new company reveals it will continue developing the full potential of Angola's upstream sector and new opportunities will be created in the renewable segment.
The British Petroleum Company was founded in April 1909 by Charles Greenway and William Knox D'Arcy as the Anglo-Persian Oil Company. The company was renamed in December 1954. It is headquartered in London, United Kingdom.
The British gas and oil company operates in various industries including refining, extraction, exploration, power generation, distribution, marketing and trading. It operates in about eighty countries across the world. It is capable of producing about 3.7 million barrels of oil or equivalent a day.
Eni was founded in February 1953 and is headquartered in Rome, Italy. It operates in sixty-six countries across the world and has a market capitalization of $36.08 billion. About 30 percent of the stake is owned by the Italian government.
ENI is an abbreviation of Ente Nazionale Idrocarbun, which means National Hydrocarbons Board. The company was ranked at 113th position in the list of Fortune Global 500 in 2020 with respect to revenue.