Italy’s Eni is set to complete the farm-out of a major stake in its gas-rich Area 4 asset off Mozambique to ExxonMobil within weeks.

Eni chief executive Claudio Descalzi said on the sidelines of the company’s 2017-2020 strategy day that his company would farm down a 25% stake, though he did not name the farm-in player.

Descalzi had earlier outlined to analysts that the farm-out “is making very good progress” with an announcement due “in the coming weeks”.

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