Eni looking to sell stake in Mozambique’s Area 4. CNOOC seen as potential buyer

Eni looking to sell stake in Mozambique's Area 4. CNOOC seen as buyer.

Italian national oil company Eni is looking to divest some more of its stake in a gas rich block offshore Mozambique.

According to Reuters, which quoted sources familiar with the matter, Eni could raise as much as $5 billion for a 15 per cent stake in the offshore Area 4.

To remind, last year Eni sold a 20 per cent stake in the field to China’s CNPC for $4.2 billion, and now, one of Reuters’ sources claims, CNOOC, another Chinese oil giant, has set its sights on Eni’s gas rich offshore asset in the East African country.

Other potentially interested parties mentioned are ExxonMobil, Total, Shell and Chevron.

Eni’s Mozambique exploration campaign in 2013 saw the appraisal of the Mamba and Coral discoveries and a new prospect in the Southern section of Area 4, where in September 2013 Eni made the Agulha discovery, the tenth discovery in Area 4. The company estimates that Area 4 may contain up to 2,650 billion cubic meters of gas in place. Agulha was drilled in 2,492 meters of water and reached a total depth of 6,203 meters.

In 2014, Eni said it would continue appraisal activities, particularly regarding the new exploration prospect, where the drilling of two to three additional wells is planned.

Eni is the operator of Area 4 with a 50% indirect interest owned through Eni East Africa, which holds 70% of Area 4. The other partners are Galp Energia (10%), KOGAS (10%) and ENH (10%, carried through the exploration phase). CNPC owns a 20% indirect participation in Area 4 through Eni East Africa.

 

Offshore Energy Today Staff, March 28, 2014

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