CNPC buys into offshore Mozambique for $4.21 billion

Offshore staff

BEIJING – Eni (MI:ENI;NYSE:E) has sold 28.57% of its shares in East Africa Area 4 offshore Mozambique. The $4.21 billion deal gives Petrochina Co. Ltd. a 20% stake in the block. Petrochina is controlled by China National Petroleum Corp.

Eni remains the owner of 50%. The remaining shares in the Area are held by Empresa Nacional de Hidrocarbonetos de Mocambique (10%), Kogas (10%), and Galp Energia (10%).

At the same time, Eni and CNPC signed a joint study agreement covering development of the Rongchang shale gas block covering about 2,000 sq km (772 sq mi) in the Sichuan basin.

3/14/2013

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