US$1 billion invested in Mozambican oil prospecting in 18 months

23 August 2010

Maputo, Mozambique, 23 Aug – The seven foreign companies prospecting for hydrocarbons in Mozambique have invested an overall amount of US$1 billion in the last 18 months, indicate figures published by the Maputo-based state daily Noticias.

The geological characteristics of the Rovuma Basin, where oil’s presence has been discovered, along with the Mozambique Basin, have driven the companies’ investments. Over the course of 2009 around US$500 million were applied, while US$400 million have been applied so far this year.

South Africa’s Sasol has been exploring in the Mozambique Basin, along with the Norwegian companies DNO and Buzi Hydrocarbons.

The US company Anadarko, Italy’s ENI, Norway’s StatOil and Malaysia’s Petronas are in turn operating in the Rovuma Basin.

National Petroleum Institute figures for Rovuma indicate that from January until the second half of this August investments had tripled year-on-year to US$300 million.

Since prospecting activity began drilling has been carried out at 125 sites throughout the country. (macauhub)