Canada’s Artumas to prospect for oil in Mozambique

15 March 2007

Toronto, Canada, 15 March – The government of Mozambique has granted a concession to Canada-based company Artumas for oil and natural gas exploration in the Rovuma river basin, in the North of the country, The Globe and Mail newspaper reported.

The concession is 15 percent owned by Mozambican state oil and gas company Empresa Nacional de Hidrocarbonetos (ENH), while Artumas owns the remaining 85 percent.

The concession is for 8 years and can be extended for a further 25 years if oil is discovered.

The exploration area of the Rovuma basin is mainly offshore and covers and area of 60,000 square kilometers in the provinces of Nampula and Cabo Delgado and was divided into seven sectors by the government.

Other companies that are already involved in oil and gas exploration in the basin include Anadarko Petroleum, of the United States, Malaysia’s Petronas, Norway’s Norsk Hydro and Italy’s ENI. (macauhub)