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 grant it an indirect 20% interest in Mozambique’s Block 4 project for $4.21 billion. This deal marks a significant step for PetroChina as it expands its presence in Africa's growing energy market. Block 4, located in the Rovuma Basin in East Africa, is one of the most promising natural gas fields on the continent, with proven reserves estimated at 75 trillion cubic feet (about 2.12 trillion cubic meters). Currently, Eni holds 70% of the project, and after this transaction, it will reduce its stake to 50%, while PetroChina will hold 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 approval from the Mozambican government before it can be finalized.
A senior analyst, who wished to remain anonymous, noted that East Africa has become an attractive region for energy investments due to its relative political stability compared to West Africa, where many oil and gas projects face uncertainty. The recent discovery of new hydrocarbon reserves in the region has also drawn attention from global players. For PetroChina, this acquisition represents a strategic move to gain access to key upstream assets in Mozambique, a country that has been increasingly attracting international oil companies.
PetroChina previously secured an engineering construction contract in Mozambique in 2010, marking its first major involvement in the country’s energy sector. At the time, the company emphasized that the project demonstrated its capability to operate in the region and open up future business opportunities.
Mozambique has recently become a focal point for international energy firms, with reports indicating that 45 companies are vying for exploration rights in its natural gas blocks. In 2023, Shell acquired an 8.5% stake in a Mozambican gas field for $1.8 billion, highlighting the growing interest in the area.
In addition to the stake in Block 4, PetroChina has also entered into a joint research agreement with Eni, focusing on unconventional resource development in the Rongchang North area of the Sichuan Basin in China. Under the agreement, both companies will conduct a joint study on the potential of unconventional gas resources in a 2,000-square-kilometer block. If the results are promising, they will explore a production-sharing agreement to further develop the area.
According to the analyst, Eni lacks substantial experience in onshore unconventional gas development, so this collaboration could carry some level of risk. However, it also presents a unique opportunity for PetroChina to share its expertise and strengthen its foothold in the global energy landscape.
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