The Nigerian oil company, Aiteo Group, has just marked a significant expansion in its global energy portfolio by acquiring a major stake in the Mazenga gas block, the largest onshore gas reserve in Africa, located in the province of Inhambane, in southern Mozambique.
According to information published by the Business Insider news website, the acquisition was made possible through agreements signed with the Mozambican oil company, Empresa Nacional de Hidrocarbonetos (ENH).
“Aiteo has already launched a comprehensive development program, which includes aeromagnetic and gravitational geological studies, field research and the reprocessing of existing data,” said the website.
Quoted in the news, Aiteo’s CEO, Benedict Peters, explained that this acquisition is part of the company’s strategy to increase its presence in the global gas market, as it continues on its path to becoming a leader in the international energy industry.
“The assets we are investing in are located in one of Mozambique’s most promising gas production areas. This initiative reflects our strategy of being actively involved in unique energy projects across Africa, and our goal is not only to increase the overall portfolio of gas resources, but also to establish ourselves as industry leaders on the continent,” he described.
The source also said that Aiteo’s entry into Mozambique’s promising gas sector is a notable step in its broader strategy to expand in Africa. “The company, which is already a major contributor to global oil production with output of almost 100,000 barrels per day, extends its influence beyond the Niger Delta basin and the Benue Trough, strengthening its presence on the regional and international energy scene.”
Mozambique, a significant player in the global energy market, is known for its extensive natural gas reserves, particularly in the Rovuma basin in Cabo Delgado.
With reserves exceeding 100 billion cubic feet, the country has become a magnet for global oil giants such as TotalEnergies, Eni and ExxonMobil, all involved in major projects to extract and export liquefied natural gas.
The Mazenga gas block, located in Mozambique’s prolific sedimentary basin, covers an area of approximately 23,000 square kilometers and is estimated to contain 19 billion cubic feet of gas.
