By Giulia Petroni

Eni SpA and BP PLC on Wednesday signed a non-binding memorandum of understanding to explore combining their upstream portfolios in Angola into a new joint venture.

The Italian oil and gas major said Wednesday that the venture, which would be self-funded, would include all their oil, gas and liquefied natural gas interests in the country.

"The companies believe that combining their efforts in a new joint venture company would bring significant opportunities for them to jointly boost future developments and operations in Angola," Eni said. "In particular, it would be expected to generate significant synergies, create more efficient operations and increase investment and growth in the basin."

Eni and BP have informed the Angolan government of their intention and appointed advisors to support them in raising finance for the project.

Any transaction will be subject to governmental and regulatory approvals.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

May 19, 2021 04:38 ET (08:38 GMT)

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