On March 14, 2013, CNPC issued a statement saying that the company has signed two cooperation agreements with Eni of Italy. The company will acquire 28.57% of Eni Dongfei Company, a wholly owned subsidiary of Eni Group, and indirectly acquire Mozambique. 40% of the block project's equity, and the transaction price is 4.21 billion US dollars. At the same time, the two sides also signed a joint research agreement to jointly study the development of conventional resources in Rongchang North Africa in the Sichuan Basin.
It is understood that Block 4 of Mozambique is located in the Rovuma Basin in East Africa and has obtained 75tcf of natural gas (about 2.12 trillion cubic meters). At present, Eni has a 70% interest in the project. After the execution of the transaction, Eni will hold the With a 50% interest in the project, CNPC will hold a 20% equity interest in the project. Other partners include 10% of the Mozambican national oil company, 10% of the Korean natural gas company, and 10% of Portugal's Gaopu energy. The above agreement still needs the approval of relevant government agencies.
In addition, according to the joint research agreement, CNPC will conduct joint research with Eni on the unconventional resource development potential of the 2,000 square kilometers (about 500,000 acres) of Rongchang North Block in the Sichuan Basin. The study will play an important role in assessing the exploration potential of unconventional resources in this block. If this block proves to be technically and commercially feasible, both parties will negotiate a product sharing agreement during the study period to further develop the block.
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