ExxonMobil to Acquire 25 Percent Interest in Mozambique Area 4 from Eni
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The agreed terms include a cash price of approximately
Eni Chief Executive Officer Claudio Descalzi said, “This deal represents
material evidence of our exploration strategy based on the early
monetization of our exploration discoveries, as a part of our
‘dual-exploration’ model. Through this strategy, Eni has been able to
cash in more than
“This strategic investment will enable ExxonMobil’s LNG leadership and
experience to support development of Mozambique’s abundant natural gas
resources,” said Woods. “Our industry-leading project
execution, advanced technologies, financial strength and marketing
capabilities will help deliver reliable, affordable energy to customers
and create long-term economic value for the people
of Mozambique, project partners and
Eni will continue to lead the Coral floating LNG
project and all upstream operations in Area 4, while ExxonMobil will
lead the construction and operation of natural gas liquefaction
facilities onshore. This operating model will enable the use of best
practices and skills within Eni and
Following completion of the transaction,
Natural gas is projected to be the world’s fastest-growing major fuel
source, and
About
About Eni
Eni is an integrated energy company employing more than 34.000 people in 69 countries in the world. Eni engages in oil and natural gas exploration, field development and production, as well as in the supply, trading and shipping of natural gas, LNG, electricity and fuels. Through refineries and chemical plants, Eni processes crude oil and other oil-based feedstock to produce fuels, lubricants and chemical products that are supplied to wholesalers or through retail networks or distributors.
CAUTIONARY STATEMENT: Statements of future events or conditions in this
release are forward-looking statements. Actual future results, including
project plans and schedules, resource recoveries, cost and performance
efficiencies and demand growth could differ materially due to changes in
market conditions affecting the oil and gas industry or long-term oil
and gas price levels; political or regulatory developments; reservoir
performance; the outcome of future exploration and development efforts;
technical or operating factors; and other factors cited in under the
caption “Factors Affecting Future Results” on the Investors page of our
website at exxonmobil.com. Closing of the acquisition is subject to
satisfaction of conditions precedent specified in the applicable
agreement. References to resources and quantities of natural gas include
amounts that are not yet classified as proved reserves under
View source version on businesswire.com: http://www.businesswire.com/news/home/20170309005553/en/
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