Artumas and Anadarko Sign Mozambique Agreement

Source: www.gulfoilandgas.com 5/3/2007, Location: Africa

Artumas Group Inc. and its wholly owned subsidiary, Artumas Mocambique Petroleo Limitada, announces the signing of a Trade Agreement with Anadarko Petroleum Corporation's subsidiary Anadarko Mocambique Area 1, Limitada covering a mutual exchange of interests in their respective Exploration and Production Concessions (EPCs) in Mozambique.

Under the terms of the Agreement, Artumas will receive an 8.5% participating interest in Anadarko's Offshore Area 1 in the Rovuma Basin, in exchange for assigning Anadarko a 35.7% participating interest in Artumas' Rovuma Onshore Block. The Republic of Mozambique's national oil company, Empresa Nacional de Hidrocarbonetos (ENH) has a 15% participating interest in each area, to be proportionately carried by Artumas and Anadarko during the exploration period for both areas.

The parties intend to conduct a work program on the joint areas, consisting of seismic acquisitions and exploratory wells. The combined minimum expenditure over the initial exploration period for both areas is US $300 million. Artumas will operate the initial seismic programs on its Rovuma Onshore Block. Anadarko will operate all drilling operations for both areas. This Trade Agreement, and the change of operator-ship on the Rovuma Onshore Block, is subject to approval by the Government of Mozambique and ENH.


United States >>  1/6/2025 - Diversified Energy Company PLC (LSE:DEC; NYSE:DEC) ("Diversified") is pleased to announce the acquisition of operated natural gas properties and relat...
United States >>  1/6/2025 -  SolarBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) ("SolarBank" or the "Company") is pleased to announce that Qcells, through an affilia...

Canada >>  1/2/2025 - Pembina Pipeline Corporation ("Pembina") (TSX: PPL; NYSE: PBA) is pleased to announce the closing of Pembina Gas Infrastructure Inc.’s ("PGI") acquisi...
Singapore >>  12/31/2024 - With reference to the stock exchange announcement on 15 August 2024 for the acquisition of 12 modern Very Large Gas Carriers (VLGCs) from Avance Gas H...

United Kingdom >>  12/31/2024 - Further to the announcement issued on 30 October 2024, Ørsted has completed the divestment of 12.45 % minority stakes of the four UK offshore wind far...
United States >>  12/31/2024 - DT Midstream, Inc. (NYSE: DTM) today announced that it has successfully closed on the acquisition of a portfolio of three FERC-regulated natural gas t...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.