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Eni Spa on Friday said it is combining its Angolan assets with BP PLC's to create a new 50/50 joint venture called Azule Energy.
The Rome-based oil company said that Azule Energy will be a new international energy company, independently managed, with more than 200,000 barrels equivalent a day of net oil & gas production. It will also have 2 billion barrels equivalent of net resources.
It is expected to be Angola's largest producer, holding stakes in 16 licences.
BP Chief Executive Bernard Looney said: ‘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. Ultimately Azule Energy will be able to drive efficiencies and realize new opportunities across an expanded and truly exciting portfolio.’
Eni said 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.
The two companies first announced their intent to combine their Angolan operations in May last year.
Once set up, Azule Energy will be equity accounted by bp and Eni.
Currently, Eni is operator of Blocks 15/06 Cabinda North, Cabinda Centro, 1/14, 28. In addition, Eni has a stake in the non-operated blocks 0 (Cabinda), 3/05, 3/05A, 14, 14 K/A-IMI, 15 and in Angola LNG.
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 Angola LNG.
Angola LNG is a liquid natural gas facility in Soyo, Angola.
BP shares were down 0.5% to 361.65 pence each in London on Friday, while Eni shares were up 0.1% to €13.11 each in Milan.
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