ExxonMobil and ENI negotiate sale of stake in oil block in Mozambique

29 July 2016

Oil group ExxonMobil is in advanced talks with Italian group ENI to buy a minority stake in new offshore natural gas discoveries in Mozambique, reported financial news agency Bloomberg.

Rex Tillerson, CEO of Exxon, discussed the deal with the President of Mozambique, Filipe Nyusi last week in Maputo, according to the sources cited by the agency.

ExxonMobil is also in talks with US group Anadarko Petroleum to take a stake in Area 1 in the Rovuma basin in Mozambique, according to the same sources.

Three years ago, the China National Petroleum Corporation purchased an indirect stake in the Area 4 block in the same basin, from ENI for US$4.2 billion.

The chairman of ENI, Claudio Descalzi, said last May that the group was negotiating the sale of a stake in the block in Mozambique where it acts as operator and that a final investment decision should be taken before the end of the year. (macauhub/MZ)