- Anadarko Petroleum (NYSE:APC +1.1%) and Eni (E +0.2%) agree on a plan to develop adjoining natural gas areas off Mozambique, as the country moves toward getting its first exports off the ground.
- The two companies will drill the reservoirs in APC’s Area 1 and Eni’s Area 4 in a "separate but coordinated manner,” targeting a combined 24T cf of gas from the areas.
- APC's executive VP of global LNG says the company already has made "tremendous progress” at Area 1, but the agreement with Eni will allow the companies to develop the fields more efficiently and capitalize on greater economies of scale.