Bloomberg News

Eni’s Mozambican Gas Find to Spur Exploration, IHS Africa Says

October 21, 2011

Oct. 21 (Bloomberg) -- Eni SpA’s natural-gas find off Mozambique, its largest operated discovery, will probably boost the region’s energy supply and attract more offshore exploration, IHS Global Insight said.

The Rome-based company yesterday announced a find of at least 15 trillion cubic feet of gas, equivalent to about 340 million metric tons of the fuel, or enough to supply the U.K. for more than four years. Anadarko Petroleum Corp. on Oct. 5 revised its reserves estimates for gas fields off Mozambique to 10 trillion cubic feet.

The discoveries “are bound to turn both the country’s and the region’s energy outlook around,” IHS said in an e-mailed statement from London today. “Eni’s discovery will also have far-reaching consequences, making it more likely that other international companies will follow suit with deep-water exploration, particularly elsewhere in Mozambique but also in Tanzania and Kenya.”

--Editors: Alan Crawford, Karl Maier

To contact the reporter on this story: Franz Wild in Johannesburg at fwild@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net


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