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Eni ‘not far’ from selling stake in Mozambique gas project

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LNG Industry,

According to Reuters, the CEO of Italian energy company, Eni – Claudio Descalzi – has stated that the company is ‘not far’ from selling a stake in its Mozambique gas project. Descalzi reportedly said that the company will aim to sell a stake in the project in 2016.

In the company’s 2016 – 2019 Strategic Plan, Descalzi said: “Our industry is facing a very complex challenge: reducing costs to fulfil short-term constraints while enhancing long-term value. Thanks to our successful strategy of restructuring and transforming Eni into an integrated oil and gas company, we are well positioned to meet this challenge through a competitive cost structure, an efficient operating model and a flexible asset portfolio. We have started a new cycle of profitable growth and have the potential to extract more value in the future.

“In 2015, we achieved 90% of the previous four-year plan disposal target. We have now increased our four-year target and will dispose of another €7 billion of assets by 2019, mainly through the dilution of our stakes in recent and material discoveries as part of our dual exploration model strategy.”

Edited from various sources by David Rowlands

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