BP and Eni are divesting their non-operating stakes in two key offshore Angolan assets, Block 14 and Block 14K. This move marks a significant transaction in the Angolan energy sector. Azule Energy, a 50-50 joint venture between BP and Eni, signed an agreement to facilitate this acquisition. A consortium formed by BW Energy and Maurel & Prom will acquire these interests.
Angolan Offshore Blocks Involved
The divestment specifically targets non-operating stakes within Block 14 and Block 14K. Both blocks are situated offshore Angola, a region known for its considerable oil and gas reserves. These assets represent established producing fields, contributing to Angola’s overall energy output.
The Selling Entity: Azule Energy
BP and Eni’s Joint Venture
Azule Energy, the entity executing the sale, operates as a 50-50 joint venture. BP and Eni established this venture to combine their Angolan interests. This structure allows for streamlined management of their portfolio in the region. Through this divestment, the joint venture has acted on behalf of its parent companies.
The Acquiring Consortium
BW Energy and Maurel & Prom Partnership
A consortium comprising BW Energy and Maurel & Prom is taking over the non-operating stakes. These companies have formed a partnership specifically for this acquisition. The agreement outlines the terms under which they will assume control of the interests in Block 14 and Block 14K. This strategic move expands their footprint in the Angolan offshore domain.
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