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    BP.   GB0007980591

BP PLC

(BP.)
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Real-time Estimate Quote. Real-time Estimate Cboe Europe - 09/28 07:35:47 am
339.5 GBX   +2.48%
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BP : and Eni mull merging Angola operations

05/19/2021 | 05:51am EDT

BP and Eni are mulling merging their oil and gas operations in Angola into a new joint venture, a move that would create one of Africa’s largest energy businesses.

The two firms have entered into a memorandum of understanding (MoU) on a potential merger, it was announced today.

Read more: KKR snaps up John Laing in £2bn takeover deal

In a statement, BP said that production from the combined portfolios would be around 200,000 barrels of oil equivalent per day.

“The companies believe that combining their efforts in a new joint venture company would bring significant opportunities for them to jointly boost future developments and operations in Angola”, the oil giant said.

“In particular, it would be expected to generate significant synergies, create more efficient operations, and increase investment and growth in the basin.

“The new venture would reflect both companies’ commitment to continue developing the upstream sector potential of Angola.”

The new venture would be expected to be self-funded, BP added.

The FTSE 100 firm has had a presence in the west African country since the 1970s and currently employs around 1,000 people there.

Oil production in Angola comes almost entirely from offshore fields off the coast of Cabinda and deepwater fields in the Lower Congo Basin, where both BP and the Italian firm have several assets. 

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The post BP and Eni mull merging Angola operations appeared first on CityAM.

© City AM, source Newspaper

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Analyst Recommendations on BP PLC
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Financials (USD)
Sales 2021 183 B - -
Net income 2021 13 044 M - -
Net Debt 2021 38 957 M - -
P/E ratio 2021 7,30x
Yield 2021 4,76%
Capitalization 90 872 M 90 922 M -
EV / Sales 2021 0,71x
EV / Sales 2022 0,67x
Nbr of Employees 63 600
Free-Float 93,9%
Chart BP PLC
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BP plc Technical Analysis Chart | BP. | GB0007980591 | MarketScreener
Technical analysis trends BP PLC
Short TermMid-TermLong Term
TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 24
Last Close Price 4,54 $
Average target price 5,11 $
Spread / Average Target 12,7%
EPS Revisions
Managers and Directors
Bernard Looney Chief Executive Officer & Director
Murray Auchincloss Chief Financial Officer & Director
Helge Lund Chairman
Gordon Young Birrell Executive Vice President-Production & Operations
Paula Rosput Reynolds Senior Independent Director
Sector and Competitors
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