Mozambique's National Petroleum Institute, an energy regulator in the southern African country, said the government was preparing to sign similar agreements with South Africa's Sasol SOLJ.J and Italy's Eni ENI.MI .
The agreements could lead to as much as $700 million of investment in Mozambique as the energy firms are expected to drill a minimum of 10 wells, eight in deep water and two onshore, the institute added.
The firms earlier won oil tenders as part of Mozambique's fifth licensing round in 2014.
Heavily-indebted Mozambique is hoping its oil and natural gas resources will help it recover from a debt scandal that saw it cut off from multilateral and foreign donors. than $30 billion is expected to be invested in Mozambique's gas sector to build capacity to produce 20 million tonnes per year of liquefied natural gas.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.