Eni and BP to explore Angolan upstream tie-up

London, (Quantum Commodity Intelligence) - Energy majors Eni and BP are to explore combining their upstream assets in Angola, including oil, gas and LNG, with the hope of generating "significant synergies," the companies said Wednesday.

The companies have signed a non-binding memorandum of understanding and the aim will be to create more efficient operations and increase investment and growth in the basin, Eni said in a statement.

The two companies own assets with capacity of more than 200,000 barrels of oil equivalent a day, they said in a joint statement.

The new company would be supported by both majors and is expected to be self-funded.

Eni and BP have informed the Angolan Government of their intention and any final transaction will be subject to relevant governmental, regulatory, and partner approvals.