Friday, March 25, 2016

ENI negotiates sale of half of the assets of Mozambique – Official Business – Portugal

The Italian oil giant Eni is in talks to sell to Exxon 50% of the assets it holds in Mozambique this year, reported the US financial newspaper Wall Street Journal, citing people familiar with the process sources.

according to the newspaper, Exxon Mozambique is in talks with Eni to keep 50% of the assets of the Italian oil company in Mozambique, since the position the Italian company in the African country is one that will be available to the market.

last week, President executive, Claudio Descalzi, made a presentation in which it confirmed that there are ongoing negotiations to sell about half of Mozambicans assets, adding that the sale could take place this year.

three years ago, Eni had already sold 20% of its position in the country by 4,000 million dollars, and since then the market has reported the interest of the Italian company to reduce participation in Mozambique, which is preparing to start significantly benefit from the natural gas reserves have been discovered in recent years.

a spokesman for Exxon Mozambique declined to comment on the report, according to Bloomberg.

about a month, the Council of Ministers Mozambique announced the adoption of the floating platform development plan for the South Field Coral, exploring the Italian oil company ENI, in the north.

“the Field South Coral FLNG Project Development Plan (EPCC – Area 4), the Concessionaire ENI in the Rovuma Basin, Cabo Delgado Province” was approved, reads the statement sent to newsrooms which adds nothing more about it.

the executive decision paves the way for the Investment decision Final of the Italian ENI, which should be taken before the end of this year.

ENI has taken until December a final investment decision on the processing of natural gas off the coast of Mozambique, but about the joint project on land with Anadarko only in 2017, said the president of the Italian oil company in an interview published in November by the magazine Jeune Afrique.

“we continue to develop our great project Coral, located in one of our blocks offshore, aimed at natural gas processing in a floating platform. We expect an investment decision in December 2015, starting production in 2020, “said Claudio Descalzi in the interview.

the approval of the ENI project comes a year and two months after the delivery of the project in December 2014, which proposes the creation of a floating platform on the coast north of Mozambique to process natural gas.

the amount of natural gas exploitable discovery by consortia led by ENI and Anadarko puts Mozambique among the five countries with the largest reserves, which forecasts the Mozambican government estimate to be about 200 trillion cubic feet.

ENI maintains its intention to turn the gas into two floating platforms, while Anadarko plans to build a liquefied natural gas plant on the ground, in partnership with Italian oil.

the Mozambican government hoped that the first exports of natural gas began to be made in 2018, a period that already skidded at least two years.

the multinational oil may invest 31 billion dollars (27.7 billion) in gas projects in the Rovuma basin in northern Mozambique, according to the figures presented in October by the president of the state National Hydrocarbon Company (ENH), Omar Mitha.

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