Petroleum Africa
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Thursday, April 3, 2014
ENI is looking to sell off another 15% stake in its Area 4 offshore Mozambique and toward that end has hired Bank of America Merrill Lynch to advise it on the sale. The Italian firm already sold off a 20% stake in the acreage to CNPC for an estimated $4.2 billion.
The 15% stake is expected to sell for even more as additional reserves have been discovered on Area 4 and competition to enter this new natural gas spot is heating up.
Area 4 is being developed in conjunction with reserves discovered on Area 1 which is led by operator Anadarko Petroleum Corp. Both blocks have generated intense interest from Asian and Indian firms, with Anadarko selling a portion of its stake in Area 1 to India’s OVL. Analysts predict that the ENI stake could go to another Chinese firm, but Japanese firms could throw a spanner in the works as they look to replace nuclear power with natural gas.
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