bp: creates joint venture with Eni

(CercleFinance.com) - Eni announces the creation of Azule Energy, a 50/50 joint venture with bp.


This new structure brings together both companies' Angolan activities.

Azule Energy is now the largest independent oil and gas producer in Angola, holding 2 billion barrels of net resource equivalent and with an oil and gas production target of approximately 250,000 barrels of oil equivalent per day (boe/d) over the next 5 years.

The joint venture holds interests in 16 licences (including 6 exploration blocks) and an interest in Angola LNG JV.

As the news is digested, bp shares are up 3%, while Eni shares are down about 1.3%.


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