Exxon Buys Stake in Offshore Mozambican Natural Gas Field for $2.8 Billion
09 Mars 2017 - 2:33PM
Dow Jones News
By Austen Hufford
Exxon Mobil Corp. said Thursday that it would buy a 25% indirect
interest in an offshore natural gas field near Mozambique from Eni
SpA for about $2.8 billion.
The deep water "Area 4" block contains an estimated 85 trillion
cubic feet of natural gas.
Eni currently holds a 50% indirect share in the field through a
71.4% stake in Eni East Africa, which owns 70% of the Area 4
concession.
Following the deal, Eni East Africa will be co-owned by Eni with
a 35.7% stake, Exxon with 35.7%, China National Petroleum Corp.
with 28.6% and other investors.
Eni will continue to lead the floating liquefied natural gas
project and all upstream operations in Area 4, while Exxon will
lead the construction and operation of natural gas liquefaction
facilities onshore.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
March 09, 2017 08:18 ET (13:18 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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