Mozambique: Multinationals to invest over US$ 284 million in oil exploration

11 April 2008

Maputo, Mozambique, 11 April – The 10 oil companies involved in oil exploration projects in Mozambique will invest around US$284 million this year, says Mozambican Minister for Natural Resources Esperança Bias.

Forecast investments in Mozambican oil exploration for this year have exceeded those for 2007, when international energy firms invested more than US$149 million, Bias said Thursday.

Overseas investments in hydrocarbons ventures are being made in 13 exploration and production contracts inked with the Maputo government, said Bias, adding that the center and north of the country are the two regions where these projects are most concentrated.

Some US$ 1.35 million per year from licensing revenues from oil firms operating in the Rovuma Basin is being channeled by Maputo into social projects like schools, health centers, orphanages and water supply networks, the minister added.

Major projects in the energy sectors, worth about US$ 1.2 billion, could bring significant economic benefits to Mozambique solely in the form of exports of goods manufactured from mineral resources from 2010, said Maputo’s energy minister. (macauhub)