Eni Agrees Deal With Qatar Petroleum on Project Offshore Mozambique
March 11 2019 - 11:29AM
Dow Jones News
By Max Bernhard
ENI SpA (ENI.MI) said Monday that it signed a farm-out agreement
with Qatar Petroleum (QP.YY) that will give the Gulf state's
oil-and-gas company a stake in a development offshore
Mozambique.
Eni said the deal will enable Qatar Petroleum to acquire a 25.5%
participating interest in Block A5-A, offshore Mozambique.
Eni is the operator of the Block A5-A Consortium, with a 59.5%
stake, which would be reduced to 34% after the deal is approved,
the company said. Other partners are Sasol Ltd (SOL.JO), with
25.5%, and Mozambican state-owned Empresa Nacional de
Hidrocarbonetos, which holds 15%.
"Today's transaction represent another milestone in the
strategic path that Eni and QP undertook to further strengthen
their partnership worldwide," Eni CEO Claudio Descalzi said.
The agreement is subject to the approval of the Mozambican
authorities.
Write to Max Bernhard at max.bernhard@dowjones.com;
@mxbernhard
(END) Dow Jones Newswires
March 11, 2019 11:14 ET (15:14 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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