Maputo, Mozambique — 25 July 2013 – The Cachalote-1 test well in Area 2 of the Rovuma basin in northern Mozambique “’ drilled by a consortium led by Norwegian oil company Statoil “’ found natural gas of no commercial value but no oil.
Making this announcement here, British oil exploration company Tullow Oil was quoted by Macauhub News Agency as saying that Area 2, in which Statoil is the operator, is near Areas 1 and 4, where both the American group Anadarko Petroleum and Italy’s ENI discovered huge gas deposits.
Tullow Oil’s director for exploration, Angus McCoss, said it remained likely that oil would be found in the block and that the consortium would now integrate data gathered through the exploration programme in order to increase the likelihood of finding oil in the sea off Mozambique.
The price of the company’s shares on the stock exchange fell by over 11% after a test well in French Guyana saw no positive results and following delays in exploration projects in Ethiopia.
Statoil has a stake of 40% in both blocks, and the remaining 60% is split between Inpex Mozambique, a subsidiary of Japanese group Inpex Corporation, and Tullow Mozambique, both with 25%, as well as Mozambican state company Empresa Nacional de Hidrocarbonetos which holds 10%.
Source: Macauhub News Agency. For more information, click here.