Rosneft, Mozambique to Cooperate in Hydrocarbon Space

Russian energy firm Rosneft and Mozambique have signed a Memorandum of Understanding (MoU) under which the two parties will cooperate in hydrocarbon space in the east Africa nation.

Igor Sechin, President and Chairman of the Management Board, Rosneft, Nelson Ocuane, President, Empresa Nacional Hidrocarbonetos De Moçambique (Mozambique National Oil Company, ENH) and Paulino Gregório, Director, ENH signed a MoU at the 21st World Petroleum Congress on June 16, 2014.

The parties will look into areas of mutual interest and cooperation, including joint bidding in upcoming hydrocarbons exploration and production licensing rounds in Mozambique.

In April, Rosneft had expressed its desire to develop natural gas projects in Mozambique.

In 2010 and 2011 a series of major gas discoveries were made in offshore Mozambique. Gas dominates the republic’s hydrocarbon portfolio with offshore resources estimated at 3.7bcm and proven reserves standing at 1.03bcm as of early 2014. The country’s key gas potential is focused in the Rovuma Basin with estimated 2.2bcm of gas and the Mozambique river basins.