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Mozambique's Block 4 is located in the Rovuma Basin in East Africa. It has discovered 75 trillion cubic feet of natural gas (about 2.12 trillion cubic meters). At present, Eni has 70% of the project. After the transaction, Eni will hold the 50% of the project's equity, PetroChina will hold 20% of the project's equity.
Other shareholders of the above projects include Mozambique's National Oil Company (10%), Korea Gas Company (10%), and Portugal's Gaopu Energy (10%). However, the transactions between PetroChina and Eni are subject to approval by relevant government agencies in Mozambique.
A senior analyst who asked not to be named said that East Africa is relatively stable compared with the turbulent political situation in West Africa, and that many new oil and gas have been discovered recently. PetroChina has not had any rights in the upstream block in Mozambique. The transaction should be based on asset allocation considerations.
PetroChina won the oil engineering construction project in Mozambique in 2010. At that time, PetroChina’s internal newspaper said that the project showed that PetroChina has made important breakthroughs in the oil and gas field in Mozambique and can help PetroChina further explore business opportunities in the oil and gas sector in Mozambique.
Mozambique has recently been concerned by a number of international oil companies, after foreign media reported that 45 companies will bid for the natural gas block in Mozambique. Last year, Shell acquired an 8.5% stake in a gas field in Mozambique for $1.8 billion in cash, which is estimated to have about 30 trillion cubic feet of natural gas reserves.
While gaining access to the Mozambique block, PetroChina has also signed another joint research agreement with Eni, authorizing Eni to conduct research on the development of unconventional resources in Rongchang North, Sichuan Basin, China.
According to the joint research agreement, PetroChina will conduct a joint study with Eni on the development potential of unconventional resources in the Rongchang North block of about 2,000 square kilometers in the Sichuan Basin. If the block proves to be technically and commercially viable, the two parties will negotiate a product sharing agreement during the study period to further develop the block.
"Eni does not have much experience in unconventional natural gas on land. PetroChina and their cooperation in researching Sichuan's unconventional resources are probably more risky," said the analyst.
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PetroChina invests heavily in Mozambique gas project
Abstract Recently, CNPC learned that PetroChina will acquire a 28.57% stake in Eni Dongfei, a wholly-owned subsidiary of Eni Group, which indirectly obtains a 20% interest in Mozambique's Block 4 project, with a consideration of US$4.21 billion. Block 4 in Mozambique is located in East Africa...
Recently, CNPC learned that PetroChina will acquire a 28.57% stake in Eni Dongfei, a wholly-owned subsidiary of Eni Group, and indirectly obtain a 20% interest in Mozambique's Block 4 project, with a consideration of US$4.21 billion.