ExxonMobil acquires 25% of giant Mozambique gas field in $2.8 billion deal
US oil major ExxonMobil has agreed to pay Italy’s Eni US$2.8bn (£2.3bn) for a 25% stake in a giant Mozambique field as the company looks at boosting its natural gas production.
Eni will remain the field operator of the Coral floating liquefied natural gas project and all upstream operations in Area 4, while ExxonMobil will manage the construction and operation of gas liquefaction facilities onshore.
Mozambique’s Area 4 licence has estimated reserves of 85tn cubic feet of gas, making it one of the largest gas discoveries in the world in recent years. Source: Asoko Insight