Eni, CNPC Complete Mozambique Gas Block Stake Sale

Eni has concluded the sale of 28.57% of Eni East Africa’s shares, owner of a 70% interest in Area 4 offshore Mozambique, to CNPC.

Through this deal, the Chinese firm acquires a stake in Eni East Africa which equates to a 20% indirect participation in Area 4. Eni remains the indirect owner of the 50% participation owned by Eni East Africa.

The deal was closed on the basis of the price sanctioned by the agreement signed on 14 March 2013, equal to $ 4.2 billion, Eni said in a statement.

The remaining shares in Area 4 are held by Empresa Nacional de Hidrocarbonetos de Mozambique (ENH, 10%), Kogas (10%) and Galp Energia (10%).

Eni also said that  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 Sichuan Basin in China, will continue.