Investments in Mozambique’s oil sector total over US$4 billion since independence

28 February 2011

Maputo, Mozambique, 28 Feb – Investments in Mozambique’s oil sector over the last 35 years have totalled US$4 billion, according to figures published at a seminar on investments in mining, oil and gas held last week in Maputo.

Also according to the same figures, the Mozambican state over the next ten years is expected to net revenues of around US$2 billion from oil exploration.

Since the proclamation of independence by Mozambique, the government has granted a total of 105 coal exploration licenses and another three are expected to be granted by the end of 2012.

In the gas sector the government’s projections point to a rise in investment to US$600 million, as compared to around US$362 million invested last year, which is expected to result in a rise in production from 120 billion to 183 billion gigajoules per year.

The seminar, co-organised by the Worldwide Fund for Nature, the Institute of Social and Economic Studies, the Centre for Public Integrity and IBIS MoÁambique (IBIS is a Danish non-governmental organisation focused on development), brought together representatives of several non-governmental organisations and was entitled, “Oil, Gas and Minerals in Mozambique – Policies, Governance and Local Development.” (macauhub)