Ownerships in the
Rovuma Basin may
change, but the oil
and gas search
Maputo, Mozambique — 11 June 2013 – Mozambican state oil and gas company Empresa Nacional de Hidrocarbonetos (ENH) may sell off part of the stake it owns in the Area 1 block of the Rovuma basin, in the north of the country.  
Macauhub News Agency reports that, in revealing this development, the agency, noted that the 10% stakes that Indian group Videocon Industries and US group Anadarko Petroleum were selling were currently valued at between US$2.5 billion and US$3 billion each.

According to sources close to the process, companies interested in acquiring part of the stake owned by ENH include Indian groups Oil & Natural Gas Corporation and Oil India Limited, as well as Chinese groups in the sector.

Negotiations are at an initial stage, and it is still possible that ENH will meet the financial commitments it has with the block with a financing agreement, rather than moving ahead with a sale.

ENH has a 36.5% stake in the block, which is operated by Anadarko Petroleum and has huge natural gas reserves.

Italian group ENI recently sold a 20% stake in the Area 4 block to the China National Petroleum Corporation for US$4.21 billion. The deal is now waiting for approval from the Mozambican authorities.

Source: Macauhub News Agency. For more information, click here.