Results of oil studies “encouraging”, says Mozambique govt

13 August 2007

Maputo, Mozambique, 13 Aug – The Mozambican government says recent oil studies have concluded with “encouraging results” and Maputo hopes to sign more exploration accords with energy companies later this year.

The chairman of the board of Mozambique’s National Petroleum Institute, Arsenio Mabote, said Friday at a meeting of national oil industry representatives: “Results from studies in course are encouraging and give us confidence. We now need time, patience and persistence.”

Ten companies, mostly multinational, are currently involved in hydrocarbons exploration in Mozambique from the River Rovuma basin in the north to the South African border in the south of the country.

Mabote said the optimism relating to future oil discoveries is related to Mozambique’s large proven reserves of gas and other hydrocarbons, which are a strong indication of the presence of petroleum deposits.

No commercially viable oil fields have yet been found in Mozambique, but a company representative at the oil meeting said the presence of surface bitumen deposits near the Pemba Beach hotel was a strong indication of the existence of oil in the Rovuma Basin and it remains to discovered where these reserves lie in quantity. (macauhub)