ExxonMobil Corp. is looking to purchase stakes in blocks in Area 4 in the sea of Mozambique, where Anadarko and Eni discovered huge deposits of natural gas.

According to the company, the acquisition if successful will help the Mozambican government in resolving its public debt issues as the companies planning to sell their stakes will have to pay capital gain tax to the government.

ExxonMobil in October 2015 secured three licences for oil exploration in offshore blocks located south of the blocks where Anadarko Petroleum and Eni discovered gas deposits

Three years ago, the China National Petroleum Corp. group bought 20% indirect interest in the Area 4 from Eni for the sum of $4.2 billion, Macauhub news reports.

In May, Eni’s CEO, Claudio Descalzi announced that he was in negotiations to farm-out part of the company’s interest in the block, adding that the final investment decision for the block is expected by the end of 2016.

Anita Fatunji