• IS provokes sea-change

    It has been a grave mistake to defy both Russia and France, says Leopold Scholtz.

  • Nene's SAA nemesis

    No political figure seems to have the guts to speak out against Dudu Myeni, says Solly Moeng.

  • The mp3 revolution

    Ian Mann takes a look at the war between digital music and the compact disc.

All data is delayed
See More

Eni in new gas discovery in Mozambique

Mar 26 2012 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.

eni  |  mozambique  |  oil


Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

We're talking about:


Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The 25 basis points interest rate increase is:

Previous results · Suggest a vote