Maputo, Mozambique — 19 June 2013 – Statoil Oil & Gas Mozambique is concluding drilling at the Cachalote 1 well, in area 2 of the Rovuma basin in northern Mozambique, and says it may contain 200 million barrels of commercially-viable oil.

Macauhub News Agency quotes financial news agency Bloomberg as saying that the Norwegian oil group and British company Tullow Oil plc are expected to finish drilling the well at the end of this month and that expectations about its possible commercial exploration were high.

“We believe that some of the deeper deposits may contain oil,” said Tullow exploration director Angus McCoss, cited by Bloomberg.

Referring to a study by Nomura International plc analyst, Tom Robinson, issued at the beginning of the month, the news report pointed to the possibility of Cachalote 1 containing 200 million barrels of oil.

So far over 100 trillion cubic feet of natural gas have been found in the Rovuma Basin by the Anadarko Petroleum Corporation (Area 1) and by ENI (area 4), in what is already considered to be the world’s second-largest natural gas reserve.

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