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Spinning off oil and gas assets could help the development initiatives aimed at the production
two international oil companies (IOCs) squeeze of advanced biofuels, helping the decarboni-
more out of such assets as they try to reduce sation of the transport sector and promoting
their greenhouse gas (GHG) emissions. development opportunities,” Eni said in a press
The independent joint venture could also release dated September 30. ™
take on debts from the parent companies, mak-
ing it easier for them to raise money for low-car-
bon businesses.
BP and Eni did say in May that the proposed
joint venture might produce as much as 200,000
barrels of oil equivalent per day (boepd). They
also declared that the proposed tie-up would
create “significant opportunities” for drawing
more investment to Angola and promoting
development of the country’s upstream assets.

Eni’s IRENA agreement
In related news, Eni and the International
Renewable Energy Agency (IRENA) entered
a into three-year partnership agreement last
week to collaborate in the promotion of renew-
able energy and accelerate the energy transition,
particularly in countries that export fossil fuels.
“In particular, Eni and IRENA will promote
the integration of the African continent into
the biofuel value chain through institutional
capacity building, agribusiness and industrial The BP-Eni JV may produce 200,000 boepd (Photo: Eni)

Sonangol may start awarding

offshore block stakes this week

ANGOLA ANGOLA’S national oil company (NOC) will be granted a negotiation window before
Sonangol is reviewing investment proposals for Sonangol begins awarding the concessions.
exploration at blocks in the Congo basin blocks, The NOC is expected to award the conces-
in line with its strategy and regeneration pro- sions for the offshore blocks – 3/05, 4/05, 5/6,
gramme to minimise financial exposure and 15/06, 18, 23, 27, and 31 – between October 7
promote production-sharing initiatives. and November 8. According to previous reports,
According to Energy Capital & Power, once Sonangol hopes that these sales will raise as
the review stage is complete, selected companies much as $2bn.

Block 3/05 is one of the blocks in which Sonangol is reducing its stake (Photo: Maurel et Prom)

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