Latest Oil & Gas News! ExxonMobil Group considers buying stakes in oil blocks in Mozambique

US group ExxonMobil Corp. is considering buying stakes in blocks in the sea of Mozambique where US group Anadarko Petroleum and Italy’s ENI discovered large deposits of natural gas, financial news agency Bloomberg reported.

The agency wrote that these deals, if they come to fruition, would allow the government of Mozambique partially to solve the problem of public debt, given that the selling companies would have to pay capital gains tax, whose rate is currently 32 percent.

The China National Petroleum Corp. group three years ago acquired an indirect 20 percent stake in the Area 4 block from Italian group ENI, by paying US$4.2 billion.

Last May, the CEO of ENI group, Claudio Descalzi, said he was in talks to sell part of its stake in the Area 4 block and added he expected a final investment decision by the end of the year.

In October 2015 the ExxonMobil group obtained three licenses for oil exploration in offshore blocks south of blocks where US group Anadarko Petroleum and Italy’s ENI discovered natural gas deposits.

source: macauhub

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