Exxon buys stake in Eni gas

EXXON Mobil has bought a majority stake in Eni’s Area 4 gas discoveries in Mozambique for an undisclosed amount, according to the chairman of the nation’s energy company. Exxon would become the operator of the Rovuma Area 4 project, on which the final investment decision was still expected by the end of the year, Omar Mitha, the chairman of Empresa Nacional de Hidrocarbonetos, said yesterday. The Texas-based company would add value to the nation’s nascent gas sector, he said. Neither Eni nor Exxon could be reached for comment. Exxon chief executive Rex Tillerson discussed plans to buy into Eni’s assets with Mozambique President Filipe Nyusi in July, and the company was also said to be in talks to acquire a stake in Anadarko Petroleum’s adjacent Area 1. – Bloomberg

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