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East Africa On Sale

By Sa’d Bashir, in Dar es Salaam.
East Africa is experiencing a major sale season in the hydrocarbon property market, and it doesn’t matter whether Tanzania, Kenya, Mozambique or Uganda has opened any bid round.
China National Petroleum Corporation(CNPC)’s payment of $4.21bn for a 20% stake in Eni operated Area 4, off Mozambique, is major signal that the stakes are heavenward in those countries located in the vicinity of the Indian Ocean. The deal gives the Chinese giant a large share in the block’s massive gas reserves, and reduces Eni’s exposure to the development costs. Eni is the operator of Area 4 and now has a 50% participating interest. The other partners, apart from CNPC of the are Galp Energia(10%), KOGAS(10%) and ENH(10%, carried through the exploration phase).

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