Gulf Oil and Gas accountACCOUNT

Mozambique Finalises Block 5 Oil Deals with Multinational Firms

Source: Reuters 8/7/2018, Location: Africa

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.

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.

Mozambique is desperate to plug gaps in government revenue after the International Monetary Fund (IMF) cancelled 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 tonnes per year of LNG, with the first exports due to start in 2021.

Exploration News in Mozambique >>

Indonesia >>  2/19/2019 - Repsol and partners PETRONAS and MOECO have made the largest gas find in Indonesia in 18 years. The discovery is also among the ten largest finds worl...
Norway >>  2/18/2019 - Wintershall Norge A/S, operator of production licence 847, has concluded the drilling of wildcat well 6706/6-2 S. The well was drilled about 60 kilom...

United States >>  2/18/2019 - 88 Energy has advised that the Winx-1 well, North Slope of Alaska, spudded on schedule on Feb 15 (AK time). The well was drilled to 600 ft prior to pu...
Norway >>  2/15/2019 - Equinor Energy AS, operator of production licence 248 C, has completed the drilling of wildcat well 35/11-22 S. The well was drilled in the northern ...

Norway >>  2/15/2019 - Wellesley Petroleum AS, operator of production licence 931, has completed the drilling of wildcat well 35/4-2. The well was drilled about 33 kilometr...
United States >>  2/15/2019 - 88 Energy has advised the following in relation to its oil and gas operations on the North Slope of Alaska. ...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Mozambique Oil & Gas 1 >>  2 | 3 |

Oil & Gas Projects in Mozambique >>

More News

Related Links

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