Exxon to buy half of Eni’s Mozambique Area 4 stake

By Staff reporter 9 March 2017

ExxonMobil has agreed to buy half of Eni’s 50% stake in Mozambique’s gas-rich offshore Area 4 for $2.8 billion.

Eni has been "fine tuning" the deal since late 2016 and will remain operator of the Coral FLNG project while the supermajor will lead the construction and operation of an onshore liquefaction facility.

"This strategic investment will enable ExxonMobil’s LNG leadership and experience to support development of Mozambique’s abundant natural gas resources," Darren Woods, Exxon’s chief executive, said in a statement on Thursday.

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