Exploration & Production

Exxon may sell stake in Tanzania’s Block 2 to focus on Mozambique

ExxonMobil is looking to sell its 35% stake in Tanzania’s undeveloped Block 2 deepwater field so it can focus on the far bigger Area 4 development offshore Mozambique
By Staff reporter 8 June 2018 0 31215

ExxonMobil is looking to sell its 35% stake in Tanzania’s undeveloped Block 2 deepwater field so it can focus on the far bigger Area 4 development offshore Mozambique, Reuters reported on Thursday.

Block 2 holds an estimated 650 billion cubic metres of gas but has faced repeated delays in recent years because of a lack of infrastructure and regulation for Tanzania’s oil and gas sector.

Exxon paid $2.8 billion to Italy’s Eni for a 25% interest in Mozambique’s Area 4...