(Ecofin Agency) - Qatar Petroleum has shown interest in Eni’s Mozambique gas business and might decide to join Exxon Mobil in acquiring a stake as the Italian company looks to sell 5 billion euros of assets over the next two years, according to sources.

Eni intends to reduce its stake by 50% in the giant Mozambique gas acreage.

Last month Exxon signed a deal that could grant it an operating interest in the onshore liquefied natural gas (LNG) export plant, while leaving Eni in charge of the Area 4 gas fields feeding the plant.

Qatar Petroleum is currently in negotiations with Exxon and Eni regarding its involvement in Mozambique which might include a joint investment with Exxon.

“The expectation is that Qatar Petroleum and Exxon will go in on this together,” a senior official at Qatar Petroleum source said adding that a company delegation plans to visit Mozambique before the end of this year.

Situated in Mozambique's Rovuma Basin, Area 4 is one of the biggest find holding approximately 85 trillion cubic feet of gas.

According to Eni’s CEO, Claudio Descalzi (photo), who at the beginning of this month spoke about selling a stake of up to 25%, a detailed agreement had been reached with a partner.

Eni in 2013 sold 20% of Area 4 to China's CNPC for $4.2 billion but ever since then oil and gas prices have fallen by more than half.

“The (Mozambique) gas will go east and so having Qatar on board with all its experience makes a lot of sense,” a bank source told Reuters.

Anita Fatunji