BP Plc signed an agreement with Angola aimed at acquiring oil further exploration rights, state news agency Angop reported, the latest in a flurry of agreements between oil majors and Africa's second-biggest exporter.
The deal with country's petroleum regulator ANPG defines the terms for a risk-sharing contract on offshore oil block 18/15 and was signed on the sidelines of the U.K.-Africa Investment Summit on Jan. 20.
Outgoing BP CEO Bob Dudley and his successor Bernard Looney attended the ceremony along with Angola's minister of Mineral Resources and Petroleum, Diamantino Azevedo, and other top officials.
BP is already a partner in ongoing production in Block 18, called the Greater Plutonio development.
Last week, Italy's Eni SpA, France's Total SA, Equinor ASA and BP were awarded rights to develop several offshore blocks.
Angola is working to reform its oil industry to halt a production slump that has dented the economy, including by privatizing stakes of state oil company Sonangol.
BP and Angola signed a second agreement for the British major to support mine clearing efforts related to the southern Africa country's 1975-2002 civil war "within the scope of social responsibility actions", Angop said.
Mezzanine financing usually remains a reliable standby when the broader capital markets are swinging shut.
While the lower middle market might be underserved, capital is still available for smaller, regional operators with good opportunities.
With deal volume down, investors sidelined and volatility all about, getting deals across the finish line is getting harder and harder.