US oil major ExxonMobil has completed the acquisition of a 25% stake in Mozambique’s gas-rich Area 4 block.
It bought the interest from Italian firm Eni.
ExxonMobil will lead the construction and operation of all future natural gas liquefaction and related facilities, while Eni will continue to lead the Coral floating LNG project and all upstream operations.
The deepwater Area 4 block contains an estimated 85 trillion cubic feet of natural gas in place.
Darren Woods, chief executive, said: “ExxonMobil brings our LNG leadership and experience to support development of Mozambique’s high-quality natural gas resources.
“We are confident that our project and marketing expertise, coupled with our financial strength, will help grow the value of Mozambique’s energy resources. We will work closely with our partners to develop this world-class resource.”
ExxonMobil now owns 35.7% of Eni East Africa, which holds 70% of Area 4, and is co-owned with Eni (35.7%) and CNPC (28.6%).
The remaining interests in Area 4 are held by Empresa Nacional de Hidrocarbonetos EP (10%), Kogas (10%) and Galp Energia (10%).
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