The Galp and ExxonMobil companies reached an agreement to purchase a stake in offshore Mozambique, Area 4 block, for the exploration and gas production in the African country. ExxonMobil has (35.7%) of the business, while Galp has (10%). The other remaining percentages belong to other operators.
However, the agreement still depends on the approval of the Mozambican authorities and other regulatory authorities. Estimates indicate reserves of some 85 billion cubic feet in the Area 4 block in Mozambique.
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