Friday, July 12, 2024

CNOOC expands operations in Mozambique with new offshore contracts

The China National Offshore Oil Corporation (CNOOC), a leading multinational in the oil sector, has consolidated its presence in Mozambique with the acquisition of five offshore blocks off the country’s coast. The agreement, formalized on Thursday 23 May in a document signed with the Mozambican government, represents a significant step in strengthening bilateral relations and developing the African country’s energy sector.

The oil exploration and production blocks, located in the Angoche and Save sedimentary basins in northern and central Mozambique, offer CNOOC a strategic opportunity to carry out research and production activities in deep-water areas. The Minister of Mineral Resources and Energy, Carlos Zacarias, highlighted the importance of this milestone, stressing that the contract will allow CNOOC to explore new oil resources, thus contributing to the country’s economic growth.

Zacarias expressed optimism about the results of future research, emphasizing that this partnership strengthens ties between Mozambique and China on the global energy scene. For his part, the president of the National Petroleum Institute (INP), Nazário Bangalane, stressed that CNOOC now has eight years to carry out research activities, with the contract subject to review in the event of a lack of oil or gas discoveries.

This agreement marks another step forward in the Mozambican government’s efforts to boost the country’s energy sector and attract foreign investment. With a growing demand for energy and natural resources, Mozambique has become an attractive destination for international oil companies looking for exploration and production opportunities.

CNOOC, which already has a history of collaboration in Mozambique, including a long-term agreement for the purchase and sale of liquefied natural gas (LNG) from the onshore project in Area 1 of the Rovuma basin, reaffirms its commitment to the country and its interest in expanding its oil reserves and production.

With this new contract, Mozambique continues to assert its role as one of the main destinations for investments in the energy sector, taking advantage of its vast natural resource potential and its strategic location on the east coast of Africa.

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