Petronas Signs Contract For Offshore Blocks in Mozambique

Petronas, together with Empresa Nacional de Hidrocarbonetos de Moçambique (ENH), the national oil company of Mozambique, has been awarded the exploration and production concession contract (EPCC) for two exploration blocks by the Government of Mozambique. The EPCC for offshore Blocks 3 and 6 was signed by Petronas' wholly-owned subsidiary PC Mozambique (Rovuma Basin) Ltd (PCMRB) with ENH and the Government of Mozambique. Under the terms of the EPCC, PCMRB will hold a 90% interest in both Blocks, which are located in the Rovuma Basin, while ENH will own the remaining 10% interest.

PCMRB has been designated the operator for the Blocks.During the first phase of the exploration period, PCMRB will reprocess 150 line-kilometers of 2D seismic data and acquire 7,000 line-kilometers of 2D seismic data and 120 samples of geo-chem cores. In the initial three years, the contractor is committed to spend US $5.6 million for the Blocks' geological and geophysical evaluation...more...