Agencia de Informacao de Mocambique (Maputo)

Mozambique: Eni Concludes Sale of Rovuma Assets to Chinese Company

26 July 2013

London — The Italian energy company ENI on Thursday announced that it has completed the sale of assets in Mozambique's Rovuma Basin to the China National Petroleum Corporation (CNPC).

Under the deal, it has sold a 20 per cent stake in Area 4, off the coast of the northern province of Cabo Delgado, for 4.21 billion US dollars.

CNPC is not buying the stake directly from ENI, but instead is purchasing a 28.57 per cent holding in the subsidiary ENI-East Africa.

The sole asset of ENI-East Africa is a 70 per cent interest in Area 4.

The concession contains at least 80 trillion cubic feet of natural gas.

The other partners in Area 4 are Galp Energia of Portugal, Kogas of South Korea, and Mozambique's National Hydrocarbon Company (ENH), each of which has a 10 per cent share.

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