REUTERS/Arnd Wiegmann/File PhotoBP (BP.L) and Eni (ENI.MI) are in talks over the future of their oil and gas assets in Algeria as the two groups increase efforts to refocus their businesses to tackle falling margins, rising debt and climate pressures, three sources said.
read moreThe sources, asking not to be named, said BP and Eni are in early-stage talks for the Italian group to take over BP's assets in Algeria.
For Eni, the biggest foreign oil and gas producer in Africa with strategic interests in Libya and Egypt, acquiring BP's assets would turn Algeria into a hub.
Eni, which has long-term gas import contracts in the country, produced 81,000 barrels of oil equivalent per day in 2020, including 152.5 mcf of gas.
BP and Eni have set out plans to transform their businesses in the coming decades, shifting away from oil and gas to renewable energy, power markets and low-carbon businesses.
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