Italian company Eni and U.S. group Anadarko Petroleum have signed a deal establishing principles for coordinated development of natural gas reservoirs offshore Mozambique. The two companies will conduct separate yet coordinated offshore activities, Eni said on Friday, adding they will jointly plan and construct common onshore LNG liquefaction facilities in the Cabo Delgado province, northern Mozambique.Since the discovery of gas fields by Anadarko and Eni off the coast of Mozambique, East Africa has been in the limelight as a new hydrocarbon region, attracting the interest of major oil firms.Eni, the operator in the Area 4 field with a 70 percent stake, had said it was prepared to bring on board partners to help fund the estimated $50 billion it will take to bring the field to production.Other partners in the Mozambique project are Portugues group Galp Energia, South Korean firm KOGAS, and Mozambique's ENH.
Anadarko Petroleum Corporation (Anadarko) is an independent exploration and production company. Shares of APC traded higher by 2.51% or $1.87/share to $76.32. In the past year, the shares have traded as low as $56.42 and as high as $88.70. On average, 3328710 shares of APC exchange hands on a given day and today's volume is recorded at 2754791.
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