Eni in talks to take BP’s Algeria gas assets: report

Algeria

ALGIERS, June 1, 2021 – Eni and BP are reported to be discussing a takeover of BP’s Algeria gas assets by the Italian super-major.

Reuters reported the talks on Tuesday, citing three unnamed sources, less than two weeks after the two companies revealed they had signed an MoU to explore combining their upstream and LNG portfolios in Angola to form a new joint venture.

The Algeria talks are in an early stage, according to Reuters. On the table are a direct purchase of BP’s assets, as well as an option in which BP would receive stakes in one or more of Eni’s projects.

BP has two key gas developments in Algeria: the In Salah Gas wet gas project and the In Amenas dry gas project, both of which are producing.

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