Eni is awarded natural gas exploration block off Mozambique

Eni will be the operator of a joint venture with Statoil, Sasol and ENH after winning the bid for the exploration and development rights of the offshore block A5-A, in the area of Mozambique named Angoche, about 930 miles northeast of the capital city Maputo.

The unexplored area of the Northern Zambesi Basin is thought to have significant hydrocarbon resources.

Eni, through its subsidiary Eni Mozambio, has a 34 percent stake. Statoil and Sasol both have a 25.5 percent stake and ENH has a 15 percent stake in the venture.

Eni has been in the Mozambique are since 2006, operating through its subsidiary Eni East Africa with a 50 percent indirect quote of Area 4. Eni has been working in Area 4 with GalpEnergia, KOGAS and ENH with 10 percent stake each as well as CNPC, which owns a 20 percent stake. Area 4 has super-giant natural gas resources and an estimated 2.407 billion cubic meters of gas.

Eni operates in 83 countries and employs 84,000 people in the exploration, capture, supply, trading and shipping of natural gas, LNG, electricity, fuels and chemical products.