Italian oil and gas group Eni confirmed on Oct. 20 it was in talks with a buyer for a stake in its Area 4 gas field offshore Mozambique but said a deal had not yet been reached.

Italian broker Equita said in a note to clients earlier on Oct. 20 that according to the chairman of Mozambique's energy company ENH, Eni had sold a majority stake and the operatorship in Area 4 to ExxonMobil Corp. (NYSE: XOM).

"Talks with a potential buyer are ongoing. However, a deal has not yet been finalized," an Eni spokesman said.

State-controlled Eni, which owns 50% of Area 4, had previously said it was ready to sell up to 25% as part of a disposal program to help fund growth.

In August, sources said Eni had wrapped up talks to sell a multibillion-dollar stake in the field to Exxon, adding that the deal would not be announced for several months at Exxon's request.