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CNPC acquires 20% in Mozambique Area 4 for US$4.2 billion

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Report summary

CNPC's entry to East African LNG comes as no surprise: the company has deep pockets, is an LNG buyer, and offers Eni access to China's embryonic shale gas sector (Eni and CNPC also signed a Joint Study Agreement for the Rongchang shale gas block, Sichuan Basin).But the move comes at a cost. Pro-rata, the US$4.2 billion purchase price is in line with PTT's 2012 acquisition of Cove Energy. However, as was the case in the Cove deal, our underlying analysis infers bold assumptions ...

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    CNPC acquires 20% in Mozambique Area 4 for US$4.2 billion

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Table of contents

Tables and charts

This report includes 7 images and tables including:

Images

  • Wood Mackenzie NPV sensitivities; development scenario, discount rate and LNG price (2013 terms)
  • Production assumptions under 12 Train upside scenario and impact on CNPC overseas production
  • Mozambique Area 1 and Area 4

Tables

  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2
  • Transaction details: Table 1
  • Transaction details: Table 2

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