Energi Mega Persada A, an Indonesian oil company, plans to raise at least US$96.25 million from the sale of half of the rights it holds in a natural gas block in Buzi, Mozambique, said the company’s chairman.
Imam Agustino, quoted by the Jakarta Globe newspaper also said the company was negotiating the sale to a strategic investor in Africa.
“We hope to make a profit of 10 percent on the price at which we bought it in 2013,” said Agustino, who noted the company had been looking to sell since 2014.
The chairman of Energi Mega Persada said this profit would be used for the future development of the Buzi block and to increase natural gas and oil production.
The Buzi block contains proven and probable reserves of 212.3 billion cubic metres of natural gas, according to the company.
The Indonesian company owns a 75 percent stake in the block in Mozambique, for which it paid US$175 million, with the remaining 25 percent in the hands of the Mozambican government’s oil and gas company ENH. (macauhub/MZ)