Russia’s Rosneft and US-based ExxonMobil filed joint bids to participate in Mozambique’s fifth licensing round scheduled to close today (30 July).
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Map of the Angoche, Zambezi basins. From Mozambique National Petroleum Institute. |
The two oil giants are bidding for contract areas in the Angoche basin (A5-A and A5-B) and Zambezi Delta (Z5-C and Z5-D), in which geological analysis has been confirmed from both companies.
Subsidiaries of both companies, RN-Exploration and ExxonMobil Exploration and Production Mozambique Offshore Ltd., will head the partnership with Exxon as operator should the companies be awarded the contract areas.
“The company promotes its positioning in regions of significant hydrocarbon potential, where production is possible in the mid and long-term. These projects allow Rosneft to obtain access to high-quality assets, while abiding an effective investment policy. The partnerships with global industry leaders, such as ExxonMobil, allows the company to minimize the risks in the implementation of frontier exploration projects,” Rosneft said.
Mozambique’s fifth licensing round consists of 15 blocks at a total acreage of 76,800sq km for hydrocarbon exploration in areas offshore Rovuma, Zambezi and Angoche, in addition to some onshore acreage. The round has seen several deadline extensions since its announcement in late 2014 and was originally set to close in January 2015.
Mozambique’s oil and gas sector has significant development potential, Rosneft said, with a number of offshore gas discoveries made during 2010-2011.
Rosneft, Exxon’s past
Rosneft and ExxonMobil are Sakhalin-1 project partners, developing the Chayvo, Odoptu and Arkutun-Dagi fields offshore Russia.
In addition, the two companies implemented a strategic cooperation agreement to evaluate potential joint exploration and development in Russia, the US, and other international countries.
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