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Mozambique Finalises Oil Exploration Agreements With Multinational Firms

August 8, 2018
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Home Mozambique

Mozambique Finalises Oil Exploration Agreements With Multinational Firms

by Matimu Mahundla
August 8, 2018
in Mozambique
0

File: The scope of offshore oil and gas rights has been a contentious issue in resource-rich African countries

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Mozambique’s government on Tuesday approved contracts giving exclusive rights to energy companies to act on concessions awarded to them to explore for oil following four years of negotiations and delays that threatened to derail the projects, Reuters reported.

Cabinet spokeswoman Ana Comoana said the companies could now go ahead with mining operations to tap offshore oil reserves that experts say are enough to supply energy to Britain, France, Germany and Italy for over 20 years.

According to the  Reuters report, Mozambique is desperate to plug gaps in government revenue after the International Monetary Fund (IMF) canceled funding in 2016 citing concerns about how $2 billion in loans was spent.

“The contracts give the concessionaires exclusive rights to conduct oil operations with the aim to produce oil from the natural resources deposits underneath the areas,” Comoana said following a cabinet meeting.

Norwegian company Statoil, Italy’s Eni, Exxon Mobil, Delonex Energy, South Africa’s Sasol and Mozambique’s national oil and gas company ENH were awarded the exploration rights in the area of Mozambique’s Northern Zambezi basin, known as block 5, in 2015.

Statoil — now known as Equinor — quit negotiations in January, while Delonex this year withdrew from its concession over the deadlock with government.

More than $30 billion is expected to be invested in Mozambique’s natural gas sector to build capacity to produce 20 million tons per year of LNG, with the first exports due to start in 2021.

Source: Reuters

Tags: Africa Oil and Gas SectorAna ComoanaMozambiqueoil exploration
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Matimu Mahundla

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