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03/11/2014 - Mozambique signs new contracts for oil exploration in 2015

Mozambique signs new contracts for oil exploration in 2015

October 24th, 2014

New contracts on concession areas for exploration and oil production in Mozambique will be signed after April 2015, the Resource Valuation Director of the National Oil Institute (INP) said Thursday. On the sidelines of the launch, in both Maputo and London, of a tender to award 15 blocks for oil exploration and production, José Branquinho said April 2015 was when he expected negotiations between the government and interested companies to be concluded.

Information provided on the occasion showed that offshore areas include the Rovuma basin, with three areas, Angoche, with two and the Zambezi delta, with six areas. Onshore areas included in the tender are in ​​Pande/Temane, with three areas and Palmeiras, with one, to a total of 76,802 square kilometres. Branquinho said the deadline for proposals ends at 12 noon on 20 January, 2015, to be followed by a phase of clarification of the documents (February/March) and then the negotiation process, which will end with the signing of contracts. The launch of this tender had to wait for new legislation, which came about on 18 August with the approval of Law 21/2014, when the National Assembly approved a new legal regime for oil operations in Mozambique and respective tax scheme through Law 27/2014 of 23 September. Among several provisions, Law 21/2014 requires 25 percent of gas production to be reserved for the domestic market, requires local content development, and mandatory registration of oil companies on the Mozambique Stock Exchange.

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Ambasciata d'Italia - MOZAMBICO