Bangkok, Thailand — 17 September 2013 – A memorandum of understanding is scheduled to be signed soon by the state oil companies of Mozambique and Thailand, according to Thailand’s PTT Exploration and Production Public Company Limited (PTTEP).
PTTEP chief executive Tevin Vongvanich told the Bangkok Post in an interview here that the Mozambican government had been “impressed” with the 30-year success of Thailand’s Map Ta Phut oil and gas complex, which might be reproduced in the southern African country, reports Macauhub News Agency.
Noting that the group and the remaining partners of the Area 1 block of the Rovuma basin were preparing an economic feasibility study for the project, the PTTEP CEO said that the Mozambican government wished to attract new companies to explore the country’s mineral resources.
In a 2012 deal, the Thai state group paid US$1.9 billion for an 8.5% stake in the block then owned by British-based Cove Energy.
“As well as needing natural gas from Mozambique we want to help the country to become a success story, like our Map Ta Phut oil and gas project,” said Vongvanich.
US group Anadarko Petroleum and Italy’s ENI recently announced that natural gas reserves discovered so far in blocks in the Rovuma basin, in northern Mozambique, totalled 150 trillion cubic feet. This would make Mozambique the world’s third-largest gas exporter after Qatar and Australia.
Source: Macauhub News Agency. For more information, click here.