Source: Nasdaq

BEIJING, Mar. 14, 2013 - Italian oil and gas firm Eni S.p.A. and Petrochina Company Limited, controlled by China National Petroleum Corporation or CNPC, signed an agreement for Eni’s sale to CNPC of 28.57% of Eni East Africa’s shares, owner of the 70% interest in Area 4, in Mozambique. With this operation, CNPC indirectly acquires a 20% stake in Area 4, while Eni remains the owner of 50%. The agreed price is equal to US$4.210 billion.

The remaining shares in the Area are held by Empresa Nacional de Hidrocarbonetos de Mocambique (ENH, 10%), Kogas (10%) and Galp Energia (10%).

The completion of the transaction is subject to the fulfillment of certain standard conditions including obtaining all necessary authorizations from Mozambique’s authorities.

Eni and CNPC also signed a Joint Study Agreement for cooperation for the development of the Rongchang shale gas block, which covers about 2,000 square kilometers in the Sichuan Basin.

The agreement will allow for the study of the area which will be conducted simultaneously with the negotiations for the signing of the Production Sharing Agreement.

From CNPC: Press Release
From Eni Website: Press Release