By LNG World News Italian oil and gas company Eni agreed to sell its 25 percent interest in gas-rich Area 4 block offshore Mozambique to ExxonMobil for a cash price of approximately US$2.8 billion.
Eni currently holds a 50 percent indirect share in the block through a 71.4 percent stake in Eni East Africa, which owns 70 percent of the Area 4 concession.
The deepwater Area 4 block contains an estimated 85 trillion cubic feet (2,400 billion cubic meters) of natural gas, which will provide resources for a “world-class” LNG project, in which the partners expect to invest tens of billions of dollars.
The agreement follows
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