{"id":5747,"date":"2017-03-09T19:59:43","date_gmt":"2017-03-09T19:59:43","guid":{"rendered":"http:\/\/www.oilnewskenya.com\/?p=5747"},"modified":"2017-03-09T19:59:43","modified_gmt":"2017-03-09T19:59:43","slug":"exxonmobil-to-acquire-25-interest-in-mozambique-area-4-from-eni","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/exxonmobil-to-acquire-25-interest-in-mozambique-area-4-from-eni\/","title":{"rendered":"ExxonMobil to Acquire 25% Interest in Mozambique Area 4 from Eni"},"content":{"rendered":"<p>ExxonMobil\u00a0and Eni\u00a0have signed\u00a0today a sale and purchase agreement to enable ExxonMobil to acquire from Eni a 25 percent indirect interest in the natural gas-rich Area 4 block, offshore Mozambique.<\/p>\n<p>Eni currently holds a 50 percent indirect share in the block through a 71.4 percent stake in Eni East Africa, which owns 70 percent of the Area 4 concession.<\/p>\n<p>The agreed terms include a cash price of approximately $2.8 billion.\u00a0The\u00a0acquisition\u00a0will\u00a0be completed\u00a0following\u00a0satisfaction of a number of conditions precedent, including clearance from Mozambican and other regulatory authorities.<\/p>\n<p>\u201cThis deal represents material evidence of our exploration strategy based on the\u00a0early monetization of our exploration discoveries, as a part of our \u2018dual-exploration\u2019 model.\u00a0Through this strategy, Eni has been able to cash in more than $9 billion in the last four years. Moreover, the agreement\u00a0confirms the world class quality, production potential, technical and financial robustness of the entire project,\u201d Eni Chief Executive Officer Claudio\u00a0Descalzi said.<\/p>\n<p>Eni will continue to lead the\u00a0<a href=\"http:\/\/bit.ly\/2dhxVkG\">Coral floating LNG project<\/a>\u00a0and\u00a0all\u00a0upstream operations\u00a0in Area 4, while\u00a0ExxonMobil will lead\u00a0the\u00a0construction and\u00a0operation of natural gas liquefaction facilities onshore.\u00a0This operating model will enable the use of best practices and skills within Eni and ExxonMobil with\u00a0each company\u00a0focusing\u00a0on distinct and clearly defined scopes while preserving the benefits of a fully integrated project.<\/p>\n<p>Darren W. Woods, chairman and chief executive officer of ExxonMobil, said the asset is a major addition to\u00a0the company\u2019s\u00a0global development portfolio.<\/p>\n<p>\u201cThis strategic investment will enable ExxonMobil\u2019s <a href=\"http:\/\/bit.ly\/2g1HZha\">LNG<\/a> leadership and experience to support development of Mozambique\u2019s\u00a0abundant\u00a0natural gas resources,\u201d said\u00a0Woods.\u00a0\u201cOur industry-leading\u00a0project execution,\u00a0advanced technologies, financial strength\u00a0and marketing capabilities will help\u00a0deliver reliable, affordable energy to customers and create long-term economic value for the people of\u00a0Mozambique,\u00a0project partners and ExxonMobil shareholders.\u201d<\/p>\n<p>Following\u00a0completion of the transaction, Eni East Africa S.p.A. will be co-owned by Eni (35.7 percent), ExxonMobil (35.7 percent) and CNPC (28.6 percent).\u00a0The remaining interests in Area 4 are held by\u00a0Empresa\u00a0Nacional de\u00a0Hidrocarbonetos\u00a0de Mozambique\u00a0E.P.\u00a0(ENH, 10 percent),\u00a0Kogas\u00a0(10 percent) and\u00a0Galp\u00a0Energia\u00a0(10 percent).<\/p>\n<p>Natural gas is\u00a0projected to be the world\u2019s fastest-growing major fuel source, and Mozambique is well-positioned to supply\u00a0LNG\u00a0customers around the world. The\u00a0deepwater\u00a0Area 4 block contains an estimated\u00a085\u00a0trillion cubic feet of natural gas, which will provide resources for a world-class liquefied natural gas project, in which the partners expect to invest tens of billions of dollars,\u00a0working in\u00a0close\u00a0collaboration with the government\u00a0and local communities.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ExxonMobil\u00a0and Eni\u00a0have signed\u00a0today a sale and purchase agreement to enable ExxonMobil to acquire from Eni a 25 percent indirect interest in the natural gas-rich Area 4 block, offshore Mozambique. Eni &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/exxonmobil-to-acquire-25-interest-in-mozambique-area-4-from-eni\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":4403,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[11],"tags":[183,5934,5935,766,768,769,860,4107,3754,1636],"class_list":["post-5747","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-area-4","tag-coral-floating-lng","tag-empresa-nacional-de-hidrocarbonetos-de-mozambique-e-p","tag-enh","tag-eni","tag-eni-east-africa","tag-exxonmobil","tag-galp-energia","tag-kogas","tag-mozambique","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/02\/Area-4-coral-mamba-discoveries.png?fit=602%2C612&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-1uH","jetpack-related-posts":[{"id":6616,"url":"https:\/\/www.oilnewskenya.com\/index.php\/exxonmobil-completes-lng-acquisition-eni-mozambique-area-4\/","url_meta":{"origin":5747,"position":0},"title":"ExxonMobil Completes LNG Acquisition From Eni in Mozambique Area 4","author":"","date":"December 13, 2017","format":false,"excerpt":"ExxonMobil\u00a0has announced the completion of a transaction by ExxonMobil Development Africa B.V. to acquire a 25 percent indirect interest in Mozambique\u2019s gas-rich Area 4 block from Eni and assume responsibility for midstream operations. ExxonMobil will lead the construction and operation of all future natural gas liquefaction and related facilities, while\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/02\/Area-4-coral-mamba-discoveries.png?fit=602%2C612&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/02\/Area-4-coral-mamba-discoveries.png?fit=602%2C612&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/02\/Area-4-coral-mamba-discoveries.png?fit=602%2C612&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":6028,"url":"https:\/\/www.oilnewskenya.com\/index.php\/technipfmc-awarded-contract-for-the-coral-south-flng-project-offshore-mozambique\/","url_meta":{"origin":5747,"position":1},"title":"TechnipFMC awarded contract for the Coral South FLNG project offshore Mozambique","author":"","date":"June 4, 2017","format":false,"excerpt":"TechnipFMC, together with JGC Corporation and Samsung Heavy Industries, all partners in the TJS Consortium where TechnipFMC is leader, has been awarded by CORAL FLNG SA* a major contract. It covers the Engineering, Procurement, Construction, Installation, Commissioning and Start-up (EPCIC) of the Coral South FLNG facility and its associated risers\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/02\/FLNG.jpg?fit=668%2C472&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/02\/FLNG.jpg?fit=668%2C472&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/02\/FLNG.jpg?fit=668%2C472&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":6602,"url":"https:\/\/www.oilnewskenya.com\/index.php\/eni-achieves-financial-close-coral-south-flng-mozambique\/","url_meta":{"origin":5747,"position":2},"title":"Eni achieves financial close for Coral South FLNG in Mozambique","author":"","date":"December 7, 2017","format":false,"excerpt":"Eni, together with its Area 4 Partners, have announced that the Coral South FLNG multi-sourced project financing achieved financial close, for a total amount of US$ 4,675,500,000 split in the following facilities: BPI Export Credit Agency Covered Loan KEXIM Export Credit Agency Covered Loan Ksure Export Credit Agency Covered Loan\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/02\/Area-4-coral-mamba-discoveries.png?fit=602%2C612&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/02\/Area-4-coral-mamba-discoveries.png?fit=602%2C612&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/02\/Area-4-coral-mamba-discoveries.png?fit=602%2C612&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":3969,"url":"https:\/\/www.oilnewskenya.com\/index.php\/eni-statoil-land-angoche-area-a5-a-block-license-offshore-mozambique\/","url_meta":{"origin":5747,"position":3},"title":"Eni, Statoil land Angoche area A5-A block license offshore Mozambique","author":"","date":"November 2, 2015","format":false,"excerpt":"Eni, Statoil together with partners have announced they have been awarded the A5-A block offshore Mozambique in the fifth competitive bidding round one of three blocks that had remained unlicensed of 8 areas that had received bids . The A5-A block is located in the Northern Zambesi basin in the\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/10\/Mozambique.png?fit=397%2C516&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":7113,"url":"https:\/\/www.oilnewskenya.com\/index.php\/eni-exxonmobil-submit-rovuma-lng-phase-1-development-plan\/","url_meta":{"origin":5747,"position":4},"title":"Eni, ExxonMobil Submit Rovuma LNG Phase 1 Development Plan","author":"","date":"July 9, 2018","format":false,"excerpt":"Mozambique Rovuma Venture has submitted the development plan to the government for the first phase of the Rovuma LNG project, which will produce, liquefy and market natural gas from the Mamba fields located in the Area 4 block offshore Mozambique. The plan details the proposed design and construction of two\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/11\/Mozambique-LNG-Park.jpg?fit=660%2C408&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/11\/Mozambique-LNG-Park.jpg?fit=660%2C408&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/11\/Mozambique-LNG-Park.jpg?fit=660%2C408&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":7480,"url":"https:\/\/www.oilnewskenya.com\/index.php\/mozambique-area-4-co-venture-parties-secure-offtake-commitments-for-the-rovuma-lng-project\/","url_meta":{"origin":5747,"position":5},"title":"Mozambique Area 4 Co-Venture Parties Secure Offtake Commitments for the Rovuma LNG Project","author":"","date":"January 7, 2019","format":false,"excerpt":"Area 4 co-venture participants have secured liquefied natural gas (LNG) offtake commitments from affiliated buyer entities of the partners, a key milestone enabling the participants to rapidly move toward a final investment decision in 2019 on the first phase of the Rovuma LNG project. Area 4 participants are ExxonMobil, Eni,\u2026","rel":"","context":"In \"exploration and production concession contract\"","block_context":{"text":"exploration and production concession contract","link":"https:\/\/www.oilnewskenya.com\/index.php\/tag\/exploration-and-production-concession-contract\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/11\/Mozambique-LNG-Park.jpg?fit=660%2C408&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/11\/Mozambique-LNG-Park.jpg?fit=660%2C408&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/11\/Mozambique-LNG-Park.jpg?fit=660%2C408&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/5747","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=5747"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/5747\/revisions"}],"predecessor-version":[{"id":5748,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/5747\/revisions\/5748"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/4403"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=5747"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=5747"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=5747"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}