Italy's Eni Makes Major Gas Find in Mozambique

Eni, the large Italian energy conglomerate, has announced new discoveries at its major gas field in Mozambique. The company says it believes this is only the beginning of the area's potential.

In a statement reported by Reuters, Eni said new discoveries at its Mamba field in Mozambique had added 6 trillion cubic feet (tcf) of gas, taking the full potential of the Mamba Complex to 75 tcf of gas in place.

The Mozambique complex is the largest in Eni's exploration history, and is part of its strategy to diversify in the African continent.

In the past year Eni has dispelled some concern about its profitability and long-term growth potential by sealing a deal with Russia's Rosneft and exploration success in Norway. 

Eni said it plans to drill at least two further wells in the area, off Cape Delgado.

The state-controlled major is operator in the Area 4 field with a 70% stake and has said it is prepared to bring on board partners to help fund the estimated $50 billion (€38bn) it will take for development to production level.

Other partners are Portugal's Galp Energia, Korea's KOGAS, and Mozambique's ENH.