US company invests US$200 million in oil exploration in Mozambique

25 April 2006

Maputo, Mozambique, 25 April – US oil company Andarko Petroleum plans to invest US$200 million in the surveying and exploration of oil in the Rovuma River, which marks the border between Mozambique and Tanzania, according to a report in Mozambican weekly, Zambeze.

The Maputo paper cited a government source as saying that Andarko’s representatives were already in the Mozambican capital in order to sign agreements, which is expected to take place over the next few days.

Andarko was the company that won the international tender launched by the Mozambican government in July 2005 in London, for oil exploration in Rovuma in Northern Mozambique.

A delegation from Italian oil company ENI is also currently visiting Maputo with the aim of prospecting in the oil sector.

According to a source from state oil and gas company, Empresa Nacional de Hidrocarbonetos de Moçambique (ENH), the aim is also to invest some US$200 million in the oil sector. (macauhub)