New Mozambique oil legislation by year-end

Daegu, South Korea --- 16 October 2013 - The government of Mozambique is planning to have new legislation in place for the exploration of natural gas reserves and the export of liquid natural gas (LNG), which are due to affect consumer markets in 2018.

On the sidelines of the 22nd World Energy Congress here, Mozambican energy minister Salvador Namburete said that the legislation that was due to be approved and would set out the rules of the game, reports Macauhub News Agency.

“Legislation will be approved before the end of the year and is needed so that investors can know what to expect,” Namburete added.

US oil giant Anadarko Petroleum and Italy’s ENI have announced that natural gas reserves discovered so far in two blocks in the Rovuma basin, in northern Mozambique, totalled 170 trillion cubic feet. They have decided to set up joint facilities to process the gas.

Last week, state company Empresa Nacional de Hidrocarbonetos (ENH) said it planned to launch the fifth auction of oil and gas blocks in Mozambique by the end of the year, but the schedule requires the new oil law to be approved beforehand.

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