Eni has succumbed to ExxonMobil a 25% stake in Area 4 offshore Mozambique. The two groups have signed an agreement that provides for the payment by the US oil company of about 2,8 billion dollars for the share.
In this way Eni will reduce its stake in Area 4, of which it indirectly owns 50%, through a 71,4% stake in Eni East Africa, which in turn holds 70% of the concession in Mozambique. The acquisition will need approval from the Mozambique authorities and other regulatory bodies to be completed.
