Companies

CNPC considers investing in Mozambique

Thursday, 24 November 2016 09:33

(Ecofin Agency) - The China National Petroleum Corporation (CNPC) has announced that it is considering investing in construction facilities for natural gas exploration and processing in Mozambique.

According to the director of the group’s international department, Wang Hongtao, the investment, which will bring about the fulfilment of a memorandum signed between CNPC and the Mozambican state company Empresa Nacional de Hidrocarbonetos (ENH) in May, is subject to the conclusion of the research being carried out in Area 4 of ​​the Rovuma basin.

We are partners with Eni and have a cooperation agreement with ENH, with the president of CNPC in Mozambique for discussions on this partnership and to assess the steps that come after the signing of the memorandum. We cannot move forward without research being completed and we are working with our partner, Eni, to develop the block,” he said.

Let’s be reminded that Eni in March sold a 28.57% stake in Eni East Africa to the Petrochina Company Ltd controlled by the China National Petroleum Corporation (CNPC), for $4.21 billion. Eni East Africa owns 70% of the Area 4 block, in the Rovuma basin, Mozambique, and through the deal, the CNPC group owned 20% of the block, while Eni group remains the operator with a 50% stake. Other partners in the block are ENH, Kogas and Galp Energia with 10% each.

Anita Fatunji

 
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