ExxonMobil to acquire 25% interest in Mozambique
ExxonMobil and Eni have signed a sale and purchase agreement to enable ExxonMobil to acquire from Eni a 25% indirect interest in the natural gas-rich Area 4 block, offshore Mozambique. Eni currently holds a 50% indirect share in the block through a 71.4% stake in Eni East Africa, which owns 70% of the Area 4 concession.
The agreed terms include a cash price of approximately US$2.8 billion. The acquisition will be completed following satisfaction of a number of conditions precedent, including clearance from Mozambican and other regulatory authorities.
Eni Chief Executive Officer, Claudio Descalzi, said:
“This deal represents material evidence of our exploration strategy based on the early monetisation of our exploration discoveries, as a part of our ‘dual-exploration’ model. Through this strategy, Eni has been able to cash in more than US$9 billion in the last four years. Moreover, the agreement confirms the world class quality, production potential, technical and financial robustness of the entire project.”
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