Italian oil and gas group Eni confirmed on Oct. 20 it was in talks with a buyer for a stake in its Area 4 gas field offshore Mozambique but said a deal had not yet been reached.
Italian broker Equita said in a note to clients earlier on Oct. 20 that according to the chairman of Mozambique's energy company ENH, Eni had sold a majority stake and the operatorship in Area 4 to ExxonMobil Corp. (NYSE: XOM).
"Talks with a potential buyer are ongoing. However, a deal has not yet been finalized," an Eni spokesman said.
State-controlled Eni, which owns 50% of Area 4, had previously said it was ready to sell up to 25% as part of a disposal program to help fund growth.
In August, sources said Eni had wrapped up talks to sell a multibillion-dollar stake in the field to Exxon, adding that the deal would not be announced for several months at Exxon's request.
Recommended Reading
NextEra Energy Dials Up Solar as Power Demand Grows
2024-04-23 - NextEra’s renewable energy arm added about 2,765 megawatts to its backlog in first-quarter 2024, marking its second-best quarter for renewables — and the best for solar and storage origination.
BCCK, Vision RNG Enter Clean Energy Partnership
2024-04-23 - BCCK will deliver two of its NiTech Single Tower Nitrogen Rejection Units (NRU) and amine systems to Vision RNG’s landfill gas processing sites in Seneca and Perry counties, Ohio.
Clean Energy Begins Operations at South Dakota RNG Facility
2024-04-23 - Clean Energy Fuels’ $26 million South Dakota RNG facility will supply fuel to commercial users such as UPS and Amazon.
Romito: Net Zero’s Costly Consequences, and Industry’s ‘Silver Bullet’
2024-04-22 - Decarbonization is generally considered a reasonable goal when presented within the context of a trend, as opposed to a regulatory absolute.
Energy Transition in Motion (Week of April 19, 2024)
2024-04-19 - Here is a look at some of this week’s renewable energy news, including the latest on global solar sector funding and M&A.