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Qatar Petroleum to take a stake in Eni-operated Mozambique bloc

11 marzo 2019 | 15.40
LETTURA: 2 minuti

Qatar Petroleum to take a stake in Eni-operated Mozambique bloc

Qatar Petroleum has clinched a deal with Eni to acquire a 25.5% participating interest in Block A5-A in the Angoche basin offshore Mozambique, the Italian oil and gas giant said on Monday in a statement.

“Today’s transaction represent another milestone in the strategic path that Eni and QP undertook to further strengthen their partnership worldwide”, Eni CEO Claudio Descalzi commented.

Block A5-A, located in the deep waters of the Northern Zambezi Basin, approximately 1,500 km north-east of the capital Maputo, was awarded to Eni following the 5th competitive Licensing Round launched by the Republic of Mozambique while the Exploration and Production Concession Contract was signed in October 201, the statement said.

The block extends over an area of 5,133 square kilometres in a water depth between 300 and 1,800 meters, in a completely unexplored zone in front of the town of Angoche, the statement added.

The agreement is subject to the authorization by the Mozambican authorities.

Eni is the operator of Block A5-A Consortium, with a participating share of 59.5%, owned though its subsidiary Eni Mozambico, which would fall to 34% after the farm out is approved. Other partners are Sasol, with 25.5%, and the Mozambican state company Empresa Nacional de Hidrocarbonetos (ENH), with 15%, according to the statement.

Eni has operated in Mozambique since 2006, following the acquisition of the Petroleum Contract Area 4, in the offshore Rovuma basin, in the north of the country, where total gas in place is estimated at some 2.4 billion cubic metres, following the discoveries of Coral, Mamba and Agulha, said the statement.

Coral initial development program includes the construction of a floating plant to treat, liquefy, store and offload liquified natural gas. The plant will have a liquefaction capacity of approximately 3.4 million tons per year. Construction began in June 2017 and production is expected to start in 2022.

The development programme includes the construction of an onshore plant composed of 2 trains for gas treatment and liquefaction, with a liquefaction capacity of 15.2 million tons per year, which will be the first phase of the Rovuma LNG project. That project is expected to be approved this year and production and to start in 2024.

Eni and Qatar Petroleum are already partners in Oman and Mexico, the statement noted.

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