Angola joint venture. bp press release.

Eni and bp finalise agreement to create new independent joint venture in Angola11 March 2022bp and Eni confirmed today that they have signed an agreement to form a new 50/50 independent company, Azule Energy, a bp and Eni company, through the combination of the two companies' Angolan businesses. The agreement follows the memorandum of understanding between the companies agreed in May 2021.Azule Energy will be a new international energy company, independently managed, with more than 200,000 barrels equivalent a day (boe/d) of net oil and gas production and two billion barrels equivalent of net resources.Bernard Looney, bp's chief executive, said: "Angola has long been important for bp operations and this innovative new venture underscores and enables our continued commitment to the country."Claudio Descalzi, CEO of Eni, said: "The creation of Azule Energy is a further step in advancing our strategic approach to accelerate growth through focused lean and financially independent companies."Contactbp press office London: +44 7831 095541, bppress@bp.com[This is bp's own version of the deal-signing press release; see also the parallel Eni-issued version of the same announcement, dated the same day on this listing page.]