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Eni to explore three new blocks in Mozambique

29 maggio 2019 | 15.24
LETTURA: 2 minuti

Eni to explore three new blocks in Mozambique

Eni has won rights to explore and develop three blocks off Mozambique's northern coastal city of Angoche and in the Zambezi Basins, consolidating its presence in the strategic African country, the Italian oil and gas giant said Wednesday in a statement.

"With this acquisition, Eni further strengthens its presence in Mozambique, a country of strategic importance for the company," said the statement.

Block A5-B is located about 1,300 kilometers northeast of the capital Maputo, in a completely unexplored area off Angoche. The block covers an area of 6,080 square kilometers, with a water depth of 1,800-2,500 square metres, according to the statement.

Blocks Z5-C and Z5-D lie in a scarcely explored area facing the delta of the Zambezi River, about 800 kilometers to the north-east of Maputo. The blocks have a total area of 10,205 square kilometers, at a water depth between 500 and 2,100 meters, said the statement.

Eni's subsidiary Eni Mozambico has gained a 10% stake in the three blocks through a farm-in agreement signed with ExxonMobil Moçambique Exploration & Production Limitada (ExxonMobil) which was authorised by Mozambique's institutions, the statement said.

The three blocks are operated by ExxonMobil (40%), in partnership with the Mozambican State company Empresa Nacional de Hidrocarbonetos (20%), Russia's state-controlled energy company Rosneft (20%) and Qatar Petroleum (10%), the statement added.

In the 5th Licensing Round, under which the three blocks were assigned, Eni Mozambico was also awarded operatorship of Block A5-A, adjacent to block A5-B. with a 59.5% stake. Other partners are Sasol (25.5%) and ENH (15%).

A farm-out agreement enabling Qatar Petroleum to acquire a 25.5% participating interest in Block A5-A, reducing Eni shares to 34%, is pending authorization by the Mozambican authorities.

Eni has operated in Mozambique since 2006, when it acquired a stake in the Area 4, located offshore in the Rovuma basin, in the northern part of the country.

Eni discovered in 2011-2014 "supergiant" natural gas resources in the Rovuma basin, in the Coral, Mamba and Agulha fields, which hold an estimated 2,400 billion cubic metres of gas in place.

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