Mozambique Sign Agreement With Oil Giant Exxon Mobil

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The Mozambican government has finally signed agreements with ExxonMobil and Rosneft for acreage won in the country’s fifth licensing round in 2014.

Mozambique’s National Petroleum Institute said the government was preparing to sign similar agreements with South Africa’s Sasol and Italy’s ENI.

The agreements could lead to as much as $700 million of investment in Mozambique as the energy firms are expected to drill a minimum of 10 wells, eight in deep water and two onshore, the institute added.

Hussein Boffu runs a consultancy helping elite entrepreneurs reach their goals through actionable business planning. Contact him via email at hussein.boffu@tanzanapetroleum.com or by calling, texting, or WhatsApp at +255(0)655376543.