CNPC in talks for African oil stake

China National Petroleum Corporation is negotiating for a US$4 billion share in Eni’s (E.NYSE) oil block in Mozambique, Bloomberg reported, citing unnamed sources. The potential acquisition of a 20% share in the Mozambique gas project from the Italian company would be CNPC’s biggest overseas deal and a move that would give China a degree of control over one of the world’s biggest oil reserves. The talks have continued for six months but the companies have yet to agree on terms.