The companies that were awarded the 5th public tender for the concession of areas for oil research and production on Monday began to sign the respective concession contracts, the Mozambican National Petroleum Institute (INP) said.
The signing of the contracts began with ExxonMobil, E&P, awarded areas A5-B, Z5-C and Z5-D, followed by Sasol Petroleum Mozambique Exploration Ltd., awarded the PT5-C area, on 15 October and finally ENI, which was awarded the A5-A area, on 17 October, 2018.
The signing of these contracts is the conclusion of the negotiation process of the blocks under the tender in question, launched in October 2014, and in order for the process to be successful it was necessary to partially review the legal and regulatory framework of the oil and gas sector with a view to harmonising contractual terms.
The signing of these contracts includes investments of approximately US$700 million, with a minimum of 10 wells planned, of which eight are in deep waters and two onshore. (macauhub)