MILAN, March 8 Exxonmobil said on
Thursday it had agreed to buy a 25 percent stake in the giant
Mozambique gas field of Italian major Eni for about
Eni, which is selling stakes in a number of fields to fund
development of other projects, is currently the operator of
Mozambique's Area 4 where it holds a 50 percent indirect stake
held through Eni East Africa.
The field holds about 85 trillion cubic feet of natural gas
and is one of the world's largest gas discoveries in recent
Under the deal Eni will continue to lead all upstream
operations in the area, while ExxonMobil will be in charge of
building the onshore liquefied natural (LNG) gas plants.
The Italian major said it will remain in charge of building
the floating LNG plant in the Coral field, which is part of Area
The area 4 project envisages the construction of onshore and
offshore LNG plants to export the gas to areas such as India and
In 2013 Eni sold 20 percent of its Area 4 stake to China's
CNPC for $4.2 billion but since then oil and gas prices have
come down sharply.
(Reporting by Stephen Jewkes)