Fin24

Eni in new gas discovery in Mozambique

2012-03-26 11:52

Milan - Italy’s biggest oil and gas group Eni has made a new giant natural gas discovery offshore Mozambique which will boost the potential of the Mamba complex to at least 1 133 billion cubic metres (bcm) or 40 trillion cubic feet (tcf) of gas.

After a first discovery last year, the Mamba fields in Mozambique have become Eni’s most valuable single project, confirming expectations that East Africa is set to emerge as a major gas exporter with recent finds.

The new well, drilled in the eastern part of Area 4 at the Mamba North East 1 exploration prospect, will increase the resource base of Area 4 by at least 283 bcm or 10 tcf, Eni said in a statement on Monday.

Eni shares extended gains on the news to touch €18.12 and traded at €18.03 at 09:10 GMT, up 1.41% on the day.

Eni said it plans to drill at least another four wells in nearby structures in 2012 to fully estimate the upside potential of the Mamba complex.