Abstract Recently, CNPC learned that PetroChina is set to acquire a 28.57% stake in Eni Dongfei, a subsidiary of the Eni Group, which will give it an indirect 20% interest in Mozambique’s Block 4 project for a total consideration of $4.21 billion. This strategic move marks PetroChina’s first direct involvement in upstream oil and gas exploration in Mozambique.
Located in the Rovuma Basin in East Africa, Block 4 has been identified as one of the most promising natural gas reserves in the region, with estimated resources of 75 trillion cubic feet (about 2.12 trillion cubic meters). Currently, Eni holds 70% of the project, but following this transaction, its stake will be reduced to 50%, while PetroChina will own 20%. Other shareholders include Mozambique’s National Oil Company (10%), Korea Gas Corporation (10%), and Portugal’s Gaopu Energy (10%). However, the deal still requires regulatory approval from Mozambican authorities before it can be finalized.
A senior analyst, who requested anonymity, noted that East Africa has become a more attractive destination for energy investments compared to the politically unstable regions of West Africa. The area has seen a surge in new discoveries, and PetroChina's entry into Mozambique could be driven by long-term asset diversification and market expansion strategies.
PetroChina previously won an oil engineering construction contract in Mozambique back in 2010, which was considered a significant step in establishing its presence in the country. At the time, the company highlighted that the project marked a breakthrough in its efforts to explore and develop oil and gas opportunities in the region.
In recent months, Mozambique has drawn attention from several international oil companies. Reports suggest that 45 firms are vying for access to the country’s natural gas blocks. Last year, Shell acquired an 8.5% stake in a nearby gas field for $1.8 billion, which is believed to hold around 30 trillion cubic feet of natural gas.
Alongside this acquisition, PetroChina has also entered into a joint research agreement with Eni, focusing on unconventional resource development in the Rongchang North block of the Sichuan Basin in China. Under the agreement, both companies will conduct collaborative studies on the potential of unconventional gas resources in the 2,000-square-kilometer area. If the findings are positive, they may proceed to negotiate a production-sharing agreement for further development.
“Eni has limited experience in onshore unconventional gas, so this partnership with PetroChina might involve higher risks,†the analyst said. “However, it could also open up new opportunities for both parties, especially as unconventional resources become increasingly important in global energy markets.â€
Located in the Rovuma Basin in East Africa, Block 4 has been identified as one of the most promising natural gas reserves in the region, with estimated resources of 75 trillion cubic feet (about 2.12 trillion cubic meters). Currently, Eni holds 70% of the project, but following this transaction, its stake will be reduced to 50%, while PetroChina will own 20%. Other shareholders include Mozambique’s National Oil Company (10%), Korea Gas Corporation (10%), and Portugal’s Gaopu Energy (10%). However, the deal still requires regulatory approval from Mozambican authorities before it can be finalized.
A senior analyst, who requested anonymity, noted that East Africa has become a more attractive destination for energy investments compared to the politically unstable regions of West Africa. The area has seen a surge in new discoveries, and PetroChina's entry into Mozambique could be driven by long-term asset diversification and market expansion strategies.
PetroChina previously won an oil engineering construction contract in Mozambique back in 2010, which was considered a significant step in establishing its presence in the country. At the time, the company highlighted that the project marked a breakthrough in its efforts to explore and develop oil and gas opportunities in the region.
In recent months, Mozambique has drawn attention from several international oil companies. Reports suggest that 45 firms are vying for access to the country’s natural gas blocks. Last year, Shell acquired an 8.5% stake in a nearby gas field for $1.8 billion, which is believed to hold around 30 trillion cubic feet of natural gas.
Alongside this acquisition, PetroChina has also entered into a joint research agreement with Eni, focusing on unconventional resource development in the Rongchang North block of the Sichuan Basin in China. Under the agreement, both companies will conduct collaborative studies on the potential of unconventional gas resources in the 2,000-square-kilometer area. If the findings are positive, they may proceed to negotiate a production-sharing agreement for further development.
“Eni has limited experience in onshore unconventional gas, so this partnership with PetroChina might involve higher risks,†the analyst said. “However, it could also open up new opportunities for both parties, especially as unconventional resources become increasingly important in global energy markets.â€
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