africa FDI Gas Mozambique Natural Resources

Mozambique plans to sign gas agreement with Rosneft, ExxonMobil by yearend

The project to develop gas fields in the north of Mozambique is under discussion now, Russia’s top diplomat said

Mozambique plans to sign an agreement with Rosneft and ExxonMobil on gas field exploration in the north of the country by the end of 2018, Foreign Minister of Mozambique Jose Pacheco said following the talks with Russian top diplomat Sergey Lavrov on Monday.

“The project to develop gas fields in the north of Mozambique is under discussion now. The plan is to sign an agreement this year and launch the project on field development in Mozambique with participation of Rosneft and ExxonMobil,” he said.

“We had an opportunity to speak with Rosneft’s management at the St. Petersburg International Economic Forum 2018, our delegation also included experts in the field, we are actively working and discussing, and are hoping to get a positive result,” the minister said.

RN-Exploration [a subsidiary of Rosneft] and an ExxonMobil’s affiliate in Mozambique were recognized winners of the tender for three areas organized by Mozambique’s Instituto Nacional de Petroleo (INP) at the end of 2015. Works were planned to start in the second half of 2016 but no agreement with the government of Mozambique has been signed so far.

Rosneft and ExxonMobil received three license areas: A5-B in the Angoche River Basin and Z5-C and Z5-D in the Zambezi River Delta. According to preliminary agreements, the initial drilling period will be four years.

Source: TASS

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.