National Hydrocarbons Company signs deal for oil exploration in Mozambique

10 August 2009

Maputo, Mozambique, 10 Aug – Mozambique’s National Hydrocarbons Company (ENH) will provide US$ 100 million to support petroleum and gas exploration as part of an accord it has signed with the government, media have reported.

The Noticias newspaper said the three-year contract from 2009 to 2011 is aimed to give ENH capacity to respond to commitments in the short, medium and long-term in both terms of prospecting and undertaking of training policies involving new management techniques and specific oil sector methods.

Natural Resources Minister Esperanca Dias said at the signing of the accord it will increase state involvement in the development of Mozambique’s hydrocarbons resources. Oil exploration by international energy firms has mushroomed in recent years and ENH has stakes in 15 ventures, both in the Mozambique and Rovuma Basins, varying between 10 and 15%. (macauhub)