Mozambique Oil & Gas: Italian ENI to reduce participation in the gas block in Rovuma Basin

The Italian group ENI has hired a bank to proceed with the sale of a portion of 15 % of its 50% stake in the block area 4 of the Rovuma Basin , northern Mozambique, the Reuters news agency citing banking sources .

Plots of 15% will yield to ENI a value close to 5 billion dollars after a slice of 20% sold to China National Petroleum Corporation have provided a fitting of 4.2 billion dollars .

Some of the cited sources mentioned that the group China National Offshore Oil Corporation (CNOOC) is one of the potentially interested in buying , like the big oil companies such as ExxonMobil , Chevron , Shell and Total .

Block 4 area should contain more than 85 trillion cubic feet of natural gas , being located in the basin where deposits have been discovered containing more than 150 trillion cubic feet .

Last February the Italian group ‘s chief executive , Paolo Scaroni , said the possible reduction of participation in that block 50 % to 35% , adding ” we are looking for a partner who is also a buyer of gas. “

The block grant made ​​in February 2007 , originally had as its partners the ENI group ( 70 % ) , and Galp Energia Portuguese Korean Korea Gas and Mozambican government’s National Hydrocarbons Company , all with 10 % each.