Italian oil company Eni has agreed to sell a 20 per cent stake of Area 4 in Mozambique to China National Petroleum Corporation (CNPC)
Eni CEO, Paolo Scaroni, and the CEO of CNPC-controlled Petrochina Company Zhou Jiping, signed the agreement in Beijing.
The deal will see CNPC indirectly acquire a 20 per cent stake in Area 4, while Eni will retain 50 per cent.
The remaining shares in the area will be held by Empresa Nacional de Hidrocarbonetos de Mocambique (ENH), Kogas and Galp Energia.
The completion of the transaction will be subject to the fulfilment of certain standard conditions including the obtainment of all necessary authorisations from Mozambique’s authorities.
Eni and CNPC also signed a joint study agreement for the development of the Rongchang shale gas block, which covers about 2,000 sq km in the Sichuan Basin.
The agreement will allow for the study of the area which will be conducted simultaneously with the negotiations for the production sharing agreement.
