The Mozambican government said on Monday it had signed oil exploration agreements with U.S. energy firm Exxon Mobil and Russia’s Rosneft
The agreements could lead to as much as $700 million of investment in Mozambique as the energy firms are expected to drill a minimum of 10 wells, eight in deep water and two onshore, the institute added.
The firms earlier won oil tenders as part of Mozambique’s fifth licensing round in 2014.
Heavily-indebted Mozambique is hoping its oil and natural gas resources will help it recover from a debt scandal that saw it cut off from multilateral and foreign donors.
More than $30 billion is expected to be invested in Mozambique’s gas sector to build capacity to produce 20 million tonnes per year of liquefied natural gas.
Source: Club Of Mozambique