BP and Eni said that the two sides have started negotiations to discuss the merger of oil and gas business in Angola and the formation of a leading energy company in Africa. The two companies said in a statement that the two parties have signed a non-binding memorandum of understanding to discuss the formation of a joint venture company, including the two LNG facilities. BP stated that the total oil and gas production of the two investment portfolios will reach approximately 200,000 barrels of oil equivalent per day. The statement stated that the new company is expected to generate significant synergies, improve operational efficiency, drive investment and growth, and become self-sufficient. Reuters reported last month that Eni is considering splitting its oil and gas businesses in West Africa and the Middle East into new joint ventures to reduce debt and finance its transition to low-carbon energy.