Exxon picks up Area 4 stake from Eni

OE Staff
Wednesday, December 13, 2017

Texas-based supermajor ExxonMobil has completed the acquisition of a 25% interest in Mozambique’s gas-rich Area 4 block from Italian explorer Eni and will assume responsibility for midstream operations, the company announced today (13 December).

ExxonMobil said it will lead the construction and operation of all future natural gas liquefaction and related facilities, while Eni will continue to lead the Coral floating LNG project and all upstream operations. The operating model will enable the use of best practices and skills with each company focusing on distinct and clearly defined scopes while preserving the benefits of an integrated project.

“We are confident that our project and marketing expertise, coupled with our financial strength, will help grow the value of Mozambique’s energy resources," said Darren W. Woods, chairman and CEO, ExxonMobil. "We will work closely with our partners to develop this world-class resource.”

Mozambique's deepwater Area 4 block contains an estimated 85 Tcf of natural gas in place.

ExxonMobil now owns a 35.7% interest in Eni East Africa SpA, which will be renamed Mozambique Rovuma Venture SpA, which in turn holds a 70% interest in Area 4, and is co-owned with Eni (35.7% and CNPC (28.6%). The remaining interests in Area 4 are held by Empresa Nacional de Hidrocarbonetos (10%), Kogas (10%) and Galp Energia (10%).

Categories: LNG Natural Gas Africa

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