ANKARA

ExxonMobil and Eni signed a sale and purchase agreement to enable ExxonMobil to acquire a 25 percent indirect interest in the natural gas-rich Area 4 block, offshore Mozambique from Eni, the company announced Thursday. 

Eni currently holds a 50 percent indirect share in the block through a 71.4 percent stake in Eni East Africa, which owns 70 percent of the Area 4 concession, the statement read.

The agreed terms include a cash price of approximately $2.8 billion, the company explained, adding that the acquisition will be completed following the satisfactory conclusion of a number of precedents, including clearance from Mozambique and other regulatory authorities.

“This deal represents material evidence of our exploration strategy based on the early monetization of our exploration discoveries, as a part of our ‘dual-exploration’ model. Through this strategy, Eni has been able to cash in more than $9 billion in the last four years," Eni Chief Executive Officer, Claudio Descalzi, was quoted as saying.

The deepwater Area 4 block contains an estimated 85 trillion cubic feet of natural gas, the company said.