Firms said in May they were in talks to merge their oil, gas and LNG operations in Angola to form one of Africa's largest energy companies
Firms said in May they were in talks to merge their oil, gas and LNG operations in Angola to form one of Africa’s largest energy companiesLondon - BP and Eni are seeking to raise up to $2bn for their emerging oil and gas joint venture in Angola as both firms attempt to reduce their own debt to help build up renewables businesses, banking and industry sources said.
Spinning off oil and gas assets is seen as a way for them to squeeze more out of such assets as they try to reduce their greenhouse gas emissions and shift towards renewable energy. BP and Eni have in recent weeks contacted a number of leading western banks to request proposals to raise $1.5bn-$2bn for the joint venture, four sources said.
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