Deal Insight
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 ...
Table of contents
- Executive summary
-
Transaction details
- Area 4
- Valuation
- Key Uncertainties
-
Strategic rationale
- CNPC
- Eni
- Oil & gas pricing and assumptions
Tables and charts
This report includes 7 images and tables including:
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
- Wood Mackenzie NPV sensitivities; development scenario, discount rate and LNG price (2013 terms)
- Transaction details: Table 1
- Transaction details: Table 2
- Production assumptions under 12 Train upside scenario and impact on CNPC overseas production
- Mozambique Area 1 and Area 4
What's included
This report contains:
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