Mozambique signs oil exploration agreements with Exxon, Rosneft

  • Reuters
  • Stock Market News
Mozambique signs oil exploration agreements with Exxon, Rosneft
Credit: © Reuters.

MAPUTO, Oct 8 (Reuters) - The Mozambican government said on Monday it had signed oil exploration agreements with U.S. energy firm Exxon Mobil (NYSE: XOM ) XOM.N and Russia's Rosneft ROSN.MM .

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.

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