In 2013, in Mozambique, there was a revolution, a radical change in our exploratory model. Today it is an established system, which Eni now applies wherever it estimates there is significant exploratory potential. That first “experiment” went like this: Eni, after making a “giant” discovery of natural gas, sold to the Chinese oil company China National Petroleum Corporation (CNPC) its 20% stake in Area 4 in the recently discovered Mozambique offshore field, remaining the owner of 50%. It was the first application of a new approach to the generation of economic liquidity, an advance compared to the era of extraction and sale.
The strategy called the “Dual Exploration Model” is based on a simple principle: while increasing hydrocarbon reserves through exploration, discovery and acquisition of fields, one benefits from the early monetisation obtained through the sale of minority interests to other players, always maintaining control and guidance of the operations that remain with Eni. The dual exploration model is important not only because of the cash it generates, but also as recognition by the market of the value of Eni’s exploration assets and corporate profile, which is confirmed each time these acquisitions are made by other global players.