Oil companies Anadarko and Artumas exchange shareholdings in Mozambique

8 May 2007

Calgary, Canada, 8 May – Oil companies Anadarko and Artumas have merged their oil exploration activities in the Rovuma basin in Mozambique, where they plan a joint investment of at least US$300 million in the first stage of work.

In a statement, the two companies said that as part of the “mutual exchange of interests” outlined in the agreement just signed, Artumas would keep an 8.5 percents take in offshore bloc 1, of which Anadarko is the concession-holder.

Anadarko, in exchange, will have a 35.7 percent stake in the onshore bloc.

Both blocs are 15 percent owned by state oil company, ENH, and the agreement also needs to be ratified by the government.

The exploration work outlined for the first phase include seismic surveys and opening up test drills.

The partnership, said Steve Mason, Anadarko’s chairman, will “increase the chances of success in exploration, reducing risk through an exploration program widened to the onshore bloc.”

“The fact that we are operating in a basin with emerging activity, surrounded by big players from the sector assures us that we are on the way to reaching the potential of a world class oil strike,” said Mason. (macauhub)