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According to news from the Energy and Economy News on June 1, three sources said that BP and Eni Group are negotiating the future of their Algerian oil and gas assets.
As the uncertainty of future fossil fuel demand increases, Europe's top energy companies are reducing their oil and gas investment portfolios, retaining only the most profitable assets, and redeploying capital for the transition to clean energy.
Earlier this month, they announced that they were negotiating to form a joint venture to start a combined business in Angola.
The source, who asked not to be named, said that BP and Eni are in preliminary negotiations to acquire BP’s assets in Algeria.
A source said that the two parties are exploring direct sales and have chosen BP to acquire equity in Eni’s global assets, which may be Eni’s flagship LNG development project in Mozambique.
Sources said that they are also considering establishing a joint venture similar to the Angola model in this North African country.
Since 2019, BP has failed to sell its 45.
Zhu Jiani excerpted from energy economy
The original text is as follows:
Eni, BP in talks over oil and gas assets in Algeria
BP and Eni are in talks over the future of their oil and gas assets in Algeria as the two groups increase efforts to refocus their businesses to tackle falling margins, rising debt and climate pressures, three sources said.
Europe's top energy companies are cutting back their oil and gas portfolios to keep only the assets most likely to be profitable and redeploy capital for a transition to clean energy as uncertainty mounts over future demand for fossil fuel.
Earlier this month, they announced they were in talks to forge a joint venture to run their combined operations in Angola.
The sources, asking not to be named, said BP and Eni are in early-stage talks for the Italian group to take over BP's assets in Algeria.
The sides are exploring an outright sale as well as an option for BP to receive stakes in Eni assets around the world, possibly in its flagship liquefied natural gas development in Mozambique, one of the sources said.
They have also looked at the idea of creating a joint venture in the North African country similar to the Angolan model, the sources said.
The deal would help BP to dispose of its Algerian assets after its failure since 2019 to sell its 45.
