China's largest oil company, the China National Petroleum Corporation is deep in discussions with ENI SpA for the purchase of a stake in the Mozambique gas project. The deal is expected to reach the US$4 billion range according to two individuals who spoke on condition of anonymity to Bloomberg.

The Italian oil company would be selling its 20% share to CNPC to be able to share the cost of project development. The discussions have been ongoing for the last six months and specific terms and conditions have still to be reached and finalized.

The sale would be the largest investment made overseas by the state run oil company through its publicly listed company PetroChina Co. According to data obtained by Bloomberg, China would have an interest in one of the world's largest gas reserves, after previous purchases made in Nigera and Uganda to fuel the world's fastest developing economy and its energy demands.