Mozambique: Japanese group acquires stake in oil bloc

11 February 2008

Tokyo, Japan, 11 Feb – Japanese group Mitsui & Co has agreed to buy a 20 percent stake in a gas and oil exploration bloc in Mozambique, accordingt o a statement published on its web page Thursday.

The stake is in a bloc in the Rovuma exploration area, in northern Mozambique, in which the operator Andarko Petroleum will keep a 56.5 percent stake, Mitsui E&P Moçambique Area 1 Ldt will have 20 percent, Empresa Nacional de Hidrocarbonetos (ENH) will ahve 15 percent and Artumas Group Inc will have 8.5 percent.

The deal, worth some US$141 million) is subject to approval from the Mozambican authorities.

As well as this investment, Mitsui & Co. is also involved in operations in Oceania, the Middle East, Southeast Asia and North America. (macauhub)