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Sunday, June 2, 2019
ENI picked up new stakes in Mozambique’s offshore arena. The company acquired rights to explore and develop Blocks A5-B, Z5-C, and Z5-D in the Angoche and Zambezi Basins. The acreage comes through a farm-in agreement, signed with ExxonMobil and authorized by the Mozambican authorities. ENI will gain a 10% stake in all three blocks.
Block A5-B is located about 1,300 km northeast of the capital Maputo, in a completely unexplored area off the city of Angoche. It has an area of 6,080 sq km at a water depth of between 1,800 and 2,500 meters.
Blocks Z5-C and Z5-D cover a total area of 10,205 sq km, at a water depth between 500 and 2,100 meters, in a scarcely explored area facing the delta of the Zambezi River, about 800 km to the north-east of the capital Maputo.
The three blocks, assigned under the 5th Licensing Round, are operated by ExxonMobil (40%), in partnership with the Mozambican State company Empresa Nacional de Hidrocarbonetos (ENH, 20%), Rosneft (20%) and Qatar Petroleum (10%).
ENI holds a 59.9% stake in Block A5-A in the country’s 5th Licensing Round. The block is adjacent to Block A5-B. Other partners are Sasol (25.5%) and ENH (15%). A farm-out agreement enabling Qatar Petroleum to acquire a 25.5% participating interest in Block A5-A, reducing Eni shares to 34%, is pending authorization by the Mozambican authorities.
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