Mozambique May Ratify New Hydrocarbon Law by Year End

Mozambique will likely ratify its new petroleum law by the year end in time for the upcoming licensing round, African Press Agency (APA) said in report last week.

The government is currently revising its legal and fiscal packages for exploration and production, the report said.

Citing various local media reports APA said that Mozambique will seek to promote exploration in offshore areas 4, 5 and 6 in its upcoming licensing round.

The government is also developing a master plan to develop the nation’s gas resources, including asset development options, optimal locations, pricing structures and social improvements, APA said.

In Rovuma Basin, 12 gas discoveries have been made to date within a 31 miles (50km) radius area. The estimates were raised from 5 trillion cubic feet (Tcf) in 2009 to 170 Tcf in 2012. The additional gas resources are located in two main concession areas 1 and 4.