offshore, exploration, exxonmobil, mozambique

New exploration in Mozambique to top $900 million

MAPUTO, October 9, 2018 – A new wave of oil and gas exploration in Mozambique will see investments of at least USD 900 million, the country’s mineral resources minister said on Monday.

Speaking at a signing ceremony for ExxonMobil and Rosneft’s new offshore exploration agreement, Minister of Mineral Resources Max Tonela said the new investment was a step towards Mozambique becoming a major hydrocarbons exporter.

Similar exploration agreements are expected to be signed with Sasol and Eni.

Minister Tonela also said NOC Empresa Nacional de Hidrocarbonetos would hold stakes of 15-30% in the new upstream projects, which were awarded in the country’s fifth licensing round in 2015.

ExxonMobil country head Jos Evens said the US company, together with partner Rosneft, would launch a drilling campaign “in the coming few years.”

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