BP, Eni Consider Combining Angolan Assets to Revive Output
- Companies sign non-binding memorandum to discuss details
- Proposed venture would pump more than 200,000 barrels a day
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BP Plc and Eni SpA are considering merging their Angolan oil, gas and liquefied natural gas assets into a joint venture in a bid to revive output following years of decline.
The two energy giants have signed a non-binding agreement to discuss combining their upstream portfolios in the West African nation. That could be a boon to the country’s beleaguered oil industry, which has seen production slump by more than a third since 2015 amid chronic under-investment.