Survey finds potential for offshore oil exploration in Mozambique’s Rovuma basin

18 October 2007

Maputo, Mozambique, 18 Oct – The Rovuma basin, in Northern Mozambique, has oil potential in sufficient quantity for commercial exploration, according to the preliminary results of a field survey published Wednesday in Maputo.

The survey, ordered by Canadian oil company Artumas and carried out by Us company Rose & Associates, concluded that in four test drills in the field crude oil could be extracted in “commercial and non-commercial quantities,”(without specifying the quantities of each).

The risk analysis company, at the service of the Canadian oil company, noted an average potential of 67 million barrels (the survey noted a 90 percent possibility of extracting 2.37 million barrels and a 10 percent possibility of 186 million barrels).

The minimum level set in the report for the feasibility of the commercial exploration is 125 million barrels.

In the report Rose & Associates noted an 18 percent probability of commercial success.

The survey showed that “in the case of success, Artumas’ 8 percent share in exploration at Rovuma could net an average of US$714 million.

The Mozambican government maintains it is confident of the existence of commercially viable oil reserves in the country. (macauhub)