Mozambique: Petronas requests more time for oil prospecting

21 January 2009

Maputo, Mozambique, 21 Jan – Malaysian oil company Petronas, which is prospecting for oil in the Zambezi River delta, has requested to extend its concession deadline in order to analyse the results it has obtained, said the chairman of Mozambique’s National Oil Institute.

Usually an oil prospecting concession ahs an eight-year lifetime.

Arsénio Mabote said that Petronas had invested some US$50 million in drilling a single well in the Zambezi basin and found traces that warranted the company’s closer attention.

“It is in this context that the company requested to extend the concession period in order to have time to evaluate the traces found,” Mabote said.

Mozambique currently has tem concessions for oil prospecting, granted to US, Norwegian and Malaysian companies, amongst others. (macauhub)