Petroleum Africa
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Thursday, July 18, 2013
The deal that has CNPC entering Mozambique through a $4.2 billion deal with Italy’s ENI is official. The pair signed the agreement giving the Chinese firm a 20% stake in Offshore Area 4.
The deal was termed as a way for ENI to scale up its African production according to its chief executive Paolo Scaroni,
“We are, by far, the largest producer in Africa and there’s a lot more room for further agreements between us,” Scaroni added.
The CNPC buy in is China’s biggest investment to date overseas for a natural gas field, and its first foray into East Africa.
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