The two companies have signed a non-binding memorandum of understanding and are in discussions on a joint venture that will include their liquefied natural gas (LNG) facilities. According to BP, oil&gas production from both companies would reach around 200,000 barrels of oil per day. The new company would be expected to generate significant synergies, create more efficient operations and increase investment and growth in the basin. It will also be self-funded, it said.