Qatar considers joining Exxon’s Mozambique gas move

moza-mmap-mdQatar Petroleum is interested in the Mozambique gas business of Italian energy group Eni and could opt to join Exxon Mobil in buying a multibillion-dollar stake, sources familiar with the matter said.

State-controlled Eni is looking to reduce a 50 percent stake in its giant Mozambique gas acreage as part of plans to sell 5 billion euros of assets over the next two years.

Last month sources told Reuters, Exxon had reached a deal that could give it an operating stake in the onshore liquefied natural gas (LNG) export plant, while leaving Eni in control of the Area 4 gas fields feeding it. Qatar Petroleum is in talks with Exxon and Eni on some kind of involvement in Mozambique which could involve a joint investment with the U.S. major, one senior QP source said, adding the deal was not a classic joint venture structure.

A second Doha-based source, who declined to be named as not authorized to speak publicly, said Qatar Petroleum had been looking at Eni’s Area 4 field as well as adjoining acreage of Anadarko Petroleum Corp but added the focus was on Eni.

“The expectation is that Qatar Petroleum and Exxon will go in on this together,” the source said, adding a Qatar Petroleum delegation planned to visit Mozambique before the year end. The sources cautioned no decision had as yet been taken by the Qatari company.

Qatar Petroleum did not respond to requests for comment and Exxon and Eni declined to comment. Saad al-Kaabi, Qatar Petroleum CEO, recently confirmed the group was looking at assets in Africa. (Reuters)

Comments

comments

Editor
ROYAL NEWS is a leading online news medium with integrity and uprightness, upholding professionalism towards enhancing national consciousness.

Leave a Reply

Your email address will not be published. Required fields are marked *