Mozambique: Mozambican government grants prospecting license to Malaysia’s Petronas

10 September 2008

Maputo, Mozambique, 10 Sept – The Mozambican government has issued an oil prospecting license for two offshore blocs to a joint venture led by Malaysian company Petronas, a government spokesman said in Maputo Tuesday.

“The government today issued na oil license to Petronas Carigali Mozambique for surveying in two blocs. The license is valid for eight years and may be renewed for a further 30 if oil is found,” said Luis Covane.

Prospecting for oil will be carried out in the Rovuma basin in northern Mozambique.

The license cost US$40.6 million and Petronas has a 90 percent stake in the company, with Mozambique’s Empresa Nacional de Hidrocarbonetos owns the remaining 10 percent. (macauhub)