Mozambican and Thai state oil companies to sign memorandum of understanding

16 September 2013

A memorandum of understanding is due soon to be signed by the state oil companies of Mozambique and Thailand, said the chief executive of Thailand’s PTT Exploration and Production (PTTEP).

Tevin Vongvanich told the Bangkok Post that the Mozambican government was “impressed” with the 30-year success of the Map Ta Phut oil and gas complex, which may be reproduced in the East African company.

Noting that the group and the remaining partners of the Area 1 block of the Rovuma basin are preparing an economic feasibility study for the project, the PTTEP CEO said that the Mozambican government wanted to attract new companies to explore the country’s mineral resources.

In a 2012 deal, the Thais state group paid US$1.9 billion for an 8.5 percent stake in the block then owned by Irish company Cove Energy.

“As well as needing natural gas from Mozambique we want to help the country to become a success story, like the Map Ta Phut oil and gas project,” said Vongvanich.

US group Anadarko Petroleum and Italy’s ENI recently announced that natural gas reserves discovered so far in blocks in the Rovuma basin, in northern Mozambique, totalled 150 trillion cubic feet. This would make Mozambique the world’s third-largest gas exporter after Qatar and Australia. (macauhub)