In 2013, Eni made a radical change in its exploration model in Mozambique. We sold a 20 per cent stake in Area 4 of the newly discovered Mozambique offshore field to the China National Petroleum Corporation (CNPC), retaining a 50 per cent stake. It was the first application of a new model aimed at generating liquidity before extraction and sale. Today, Eni applies that model everywhere.
The strategy is known as the dual exploration model and is based on a simple principle: while Eni’s reserves of hydrocarbons grow as we search for, discover and acquire deposits, early monetisation brings benefits. How? We sell minority shares to other players, but retain the control and management of operations. The dual exploration model is significant not only for the cash flow it generates, but also for the market recognition of our exploration assets as well as Eni’s corporate profile, which is enhanced with every acquisition by a global operator.