Petroleum Africa
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Tuesday, July 30, 2013
ENI concluded the sale of a 28.57% stake in Mozambique’s Area 4 to China’s CNPC on July 25. The deal was closed on the basis of the price sanctioned by the agreement signed in March of this year equal to $ 4.2 billion, integrated for contractual balances provided until the date of closing.
Through this deal, CNPC acquires a stake in ENI East Africa which equates to a 20% indirect participation in Area 4. ENI will remain the indirect owner of the 50% participating interest owned by ENI East Africa. The remaining shares in Area 4 are held by Mozambique’s ENH, South Korea’s Kogas, and Portugal’s Galp Energia.
ENI said that CNPC’s entrance into Area 4 is strategically significant for the project because of the worldwide importance of the company in the upstream and downstream sectors. Furthermore, the planned activities of the Joint Study Agreement, signed between the parties in March, which focus on developing the promising shale gas block located in the SichuanBasin in China, will continue.
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