Eni’s CEO Claudio Descalzi (photo) has said that he is hopeful about the company’s chances of selling more stake at its Mozambique gas field this year.The company has two integrated LNG projects in the country; the offshore Area 4 and the smaller Coral field.

The company expects the final investment decision (FID) for the Coral field this year, after which the Mozambican authorities and the project partners have approved all contracts and trade agreements. The Mamba FID, in Area 4, is expected in 2017.The Italian company sold a 20% stake in Area 4 to CNPC for $4.4bn in March 2013 when oil prices were high but is confident that it will make much less at the current oil prices.

“In Mozambique I hope to be able to close by the end of this year,” Descalzi said.

ExxonMobil and Qatar Petroleum are amongst the potential buyers for the Mozambique assets as the deal in this area will strengthen the partners’ hold on LNG production and trade, Further Africa reports.Eni operates the Area 4 with 50% which produces 10 million metric tons per year and the Coral field, which could produce 3.4 million mt/y from a floating LNG terminal.

Anita Fatunji