Qatar Petroleum (QP) is interested in the Mozambique gas business of Italian energy group Eni and could opt to join ExxonMobil Corp. (NYSE: XOM) in buying a multibillion-dollar stake, sources familiar with the matter said.

State-controlled Eni is looking to reduce a 50% stake in its giant Mozambique gas acreage as part of plans to sell 5 billion euros worth of assets over the next two years.

In August, sources told Reuters Exxon had reached a deal that could give it an operating stake in the onshore LNG export plant while leaving Eni in control of the Area 4 gas fields feeding it.

Qatar Petroleum is in talks with Exxon and Eni on some kind of involvement in Mozambique, which could involve a joint investment with Exxon, one senior QP source said, adding that the deal was not a classic joint venture structure.

A second Doha, Qatar-based source that declined to be named due to not having authorization to speak publicly said Qatar Petroleum had been looking at Eni's Area 4 Field as well as adjoining acreage of Anadarko Petroleum Corp. (NYSE: APC). The source added, however, that Qatar's focus was on Eni.

"The expectation is that Qatar Petroleum and Exxon will go in on this together," the source said, adding that a Qatar Petroleum delegation planned to visit Mozambique before the year end.

The sources cautioned that no decision had as yet been taken by Qatar Petroleum.

Qatar Petroleum did not respond to requests for comment and Exxon and Eni declined to comment.

Saad al-Kaabi, Qatar Petroleum's CEO, recently confirmed that the group was looking at assets in Africa.

Located in Mozambique's Rovuma Basin, Eni's Area 4 is one of the biggest discoveries of recent times, holding about 85 trillion cubic feet of gas.

Eni's CEO Claudio Descalzi, who has spoken of selling a stake of up to 25%, said earlier this month a detailed agreement had been reached with a partner.

In 2013 Eni sold 20% of Area 4 to China's CNPC for $4.2 billion but since then oil and gas prices have dropped by more than half.

A banker with knowledge of the matter said a 25% stake in the field could be worth about 2 billion euros.

Exxon and QP are already close business partners in Qatar, where Exxon's technical know-how helped the tiny Gulf state to develop its gas resources and become the world's biggest and lowest-cost LNG producer.

Since then, both companies have jointly moved to exploit international LNG growth opportunities, including plans to build the Golden Pass liquefaction plant in the U.S. and bidding for exploration acreage in Cyprus.

A moratorium on new Qatari gas production since 2005 has hobbled domestic expansion opportunities at a time of intense competition for global LNG market share as new producers such as Australia challenge Qatar's dominance.

"The [Mozambique] gas will go east and so having Qatar on board with all its experience makes a lot of sense," a banker with knowledge of the matter said.