Canada’s Artumas sells stakes in oil exploration blocks in Mozambique

22 September 2009

Maputo, Mozambique, 22 Sept – Canadian oil company Artumas has sold its minority stake in an offshore oil block in the Rovuma Basin, northern Mozambique, to British company Cove Energy.

A statement from Artumas said that Cove had acquired the total 8.5 percent share that the Canadian company owned in the block.

Artumas also said that it had sold 10 percent of its stake in an onshore oil block to Cove and 24 percent to France’s Les Establissements Maurel & Prom (M&P) whilst keeping a 13.5 percent in the block’s holding.

The offshore oil block is operated by US company Anarko which owns a 35 percent stake in the holding that includes Japan’s Mitsui with 20 percent, India’s Videocn with 10 percent Barat Petroleum of India with 10 percent and Mozambique’s ENH, with 15 percent.

The block was acquired in 2008 and is now in the exploration phase to analyse its potential and the existence of oil.

Artumas, with its previous 37.3 percent stake, had been the operator of the onshore block.

Mozambique’s ENH owns 15 percent of the block. (macauhub)