Italian group ENI sells stake in Mozambican oil block to China National Petroleum Corporation

15 March 2013

Italian group ENI has sold a 28.57 percent stake in ENI East Africa to the Petrochina Company Ltd, controlled by the China National Petroleum Corporation (CNPC), for US$4.21 billion, the group said in a statement issued in Milan.

ENI East Africa owns 70 percent of the Area 4 block, in the Rovuma basin, Mozambique, and through this deal the CNPC group will own 20 percent of the block, and the ENI group will remain as operator with a 50 percent stake.

The remaining partners in this block are Mozambican state company Empresa Nacional de Hidrocarbonetos (ENH) and South Korea’s Kogas and Portugal’s Galp Energia with 10 percent each.

The two sides also agreed together to develop the Rongchang shale gas block, which covers around 2,000 square kilometres of Sichuan basin off the Chinese coast. (macauhub)