ExxonMobil acquired a 25% stake in Eni East Africa.

ExxonMobil, an American multinational oil and gas corporation, acquired a 25% stake in East Africa operations of Eni, an Italian multinational oil and gas company. Eni Chief Executive Officer Claudio Descalzi said, “This deal represents material evidence of our exploration strategy based on the early monetization of our exploration discoveries, as a part of our ‘dual-exploration’ model. Through this strategy, Eni has been able to cash in more than $9 billion in the last four years. Moreover, the agreement confirms the world class quality, production potential, technical and financial robustness of the entire project.”