HomeNewsMozambique government wants bigger stake in oil and gas sector

Mozambique government wants bigger stake in oil and gas sector

A Cove Energy rig
“’ one of an increasing
number exploring the
gas potential off the
Mozambique coast
Maputo, Mozambique — 30 April 2012 – The Mozambican government plans to increase its maximum stake in future oil and gas blocks in the north of the country from the current 25% to 40%, according to the chairman of national oil and gas company Empresa Nacional de Hidrocarbonetos (ENH), Nelson Ocuane.

Macauhub News Agency reports that this development follows widening interest in Mozambique in wake of massive offshore gas discoveries there by American oil and gas producer Anadarko Petroleum and Italy’s ENI.

“The idea is to increase Mozambican participation to 40% in all future projects, to improve state control of the companies and collect more revenues for the country,” said Ocuane. “In the future ENH may opt to develop its own blocks, as long as it has the capacity to do so,” he added.

At the moment the state company has a 25% stake in a project led by South Africa’s Sasol and 10% of three blocks operated by Anadarko Petroleum, Italy’s ENI, and Norway’s Statoil, all in the Rovuma basin, in northern Mozambique.

The Maputo government has also announced that it plans to launch further tenders for blocks in the Rovuma basin by the end of the year. This move has already led to interest from companies such as ENI, Exxon Mobil, BP, Petronas, Royal Dutch Shell, Tullow Oil, Vitol, and Noble Energy.

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