CNPC farms into Eni’s Mozambique block

Issue 250 - 18 Mar 2013
China National Petroleum Corporation has paid $4.21bn for a 20% stake in Eni’s Offshore Area 4. The deal gives the Chinese company a significant share in the block’s massive gas reserves, and reduces Eni’s exposure to the development costs. CNPC’s presence in Africa is mostly onshore, in Sudan, Chad and Niger, though the company also has acreage offshore Equatorial Guinea and Nigeria.

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