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Oil: Are Eni and BP going to form an alliance in Africa?

By Solène Benhaddou
Posted on Tuesday, 29 June 2021 07:09

ENI employees on an Angolan offshore platform. Flick/Licence CC

Italian and UK oil majors Eni and BP are looking to restructure their renewable energy and hydrocarbon portfolios on the continent, first in Angola and then perhaps soon elsewhere.

Oil giants Eni (Ente Nazionale Idrocaburi) and BP (British Petroleum) announced on 19 May that they are in discussions to combine their oil, gas and liquefied natural gas (LNG) portfolios in Angola.

If these negotiations prove successful, this partnership will take the form of a joint venture, which will bring together their interests in Angola – the continent’s second-largest oil producer, behind Nigeria.

What is the deal between the two major oil companies about?