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November 3rd, 2015 
Awake Goy 
nsnbc : The Italian energy corporation ENI along with joint venture partners, received contracts to explore hydrocarbon reserves off the Mozambican coast. Mozambique is expected to develop into the world’s second-largest exporter of liquefied natural gas by 2020.
The ENI-led joint venture was awarded the contract following the 5th Mozambican bid round that involved the exploration and development rights of the country’s offshore block A5-A, located in the Angoche area.
The area covers 5,145km2 in a depth between 200 and 1,800 meters. It is located within a yet unexplored area of the Northern Zambesi Basin. It is expected that the block hold substantial amounts of recoverable hydrocarbons.
ENI operates the joint venture with a 34% stake through its subsidiary ENI Mozambico. Other partners include the Mozambican State oil company Empresa Nacional de Hidrocarbonetos (ENH) with a 15% stake and Statoil and Sasol who own a 25% stake.
The exploration is to begin with a seismic survey and three commitment wells. Statoil Western Hemisphere exploration activities senior vice-president Nick Maden commented:
“The Angoche area is a very promising frontier basin with significant oil potential and builds on Statoil’s exploration strategy of access at scale.”
The Institute of National Petroleum of Mozambique (INP) managed the licensing round that comprised 15 blocks in Rovuma, Angoche, Zambezi offshore fields as well as the Pande-Temane and Palmeira onshore fields.Sasol and ENH joint venture also secured onshore exploration rights for Area PT5-C, located close to the Pande and Temane fields.
ENI recently discovered major Egyptian offshore gas reserves and signed a contract with Egypt. The related infrastructure and the expansion of the Suez Canal this year have made Mozambican liquefied natural gas an attractive commodity for the Mediterranean and European markets too. In 2012 a survey estimated that Mozambique can become the world’s second-largest exporter of liquefied natural gas, superseded only by Qatar.
CH/L – nsnbc 03.11.2015
Source Article from http://nsnbc.me/2015/11/03/eni-leads-joint-venture-to-explore-mozambican-offshore-hydrocarbons/
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