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 ...

What's included

This report contains

  • Document

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

    PDF 1.06 MB

Table of contents

  • Executive summary
  • Transaction details
  • Strategic rationale
  • Oil & gas pricing and assumptions

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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