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Report: Mozambique finalizing offshore E&P deals with several majors

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Report: Mozambique finalizing offshore E&P deals with several majors

The government of Mozambique has approved contracts granting select energy companies exclusive rights to explore for oil in the country's Northern Zambezi basin, or block 5, Reuters reported Aug. 7.

"The contracts give the concessionaires exclusive rights to conduct oil operations with the aim to produce oil from the natural resources deposits underneath the areas," cabinet spokeswoman Ana Comoana said in a statement quoted by Reuters.

The companies, which include Exxon Mobil Corp., Equinor, Delonex Energy Ltd, Sasol Ltd., Eni S.p.A. and the country's national oil and gas company ENH, were awarded exploration rights for block 5 in 2015.

According to Reuters, the contracts come after four years of negotiations and delays.