Eni has today completed the sale to ExxonMobil Development Africa BV ("ExxonMobil") of an indirect interest equal to 25% of Area 4, the gas block in the Rovuma Basin. The terms of the sale, defined last March, provide for a payment of 2,8 billion dollars, plus the contractual adjustments up to the closing date.
Eni East Africa, which will be renamed Mozambique Rovuma Venture, and which holds 70% of the 4 Area concession, is now controlled by Eni (35,7%), ExxonMobil (35,7%) and CNPC (28,6%). The remaining shares in the 4 Area are in the hands of Empresa Nacional de Hidrocarbonetos EP (ENH, 10%), Kogas (10%) and Galp Energia (10%).
Eni will continue to lead the Coral South floating GNL project and all 4 upstream operations, while ExxonMobil will guide the construction and operation of all future natural gas liquefaction facilities. This operating model will allow the use of the best technical skills both of Eni and ExxonMobil, allowing each company to focus on distinct areas and clearly defined objectives, while maintaining the advantages of a fully integrated project.
The final investment decision for the Coral South FLNG project, the first development of the considerable gas resources discovered by Eni in the 4 Area, was taken in May 2017, just 3 years after the drilling of the last exploration well, in a country that has recently entered the global gas market.
4's deep-water discoveries contain 85.000 billion cubic feet (2.400 billion cubic meters) of natural gas, the world's most important and fastest growing energy source. In this scenario, Mozambique is well positioned to provide LNG to international markets for the next 40 years and beyond.