Petroleum Africa
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Monday, October 21, 2013
PT Energi (ENRG) has acquired the oil and gas exploration and production concession contract (EPCC) for Mozambique’s Buzi Block. The firm will hold a 75% participating interest in the Buzi Block, with the nation’s state-run ENH holding the remaining 25%.
The block, acquired for $175, is projected to start producing in 2017.
“Mozambique has emerged as a new giant in natural gas. More than 100 Tcf were recently discovered, and Mozambique is the next emerging region for oil and particularly gas and could become the world’s third largest exporter of liquefied natural gas [LNG].A number of large multinational companies are actively exploring, appraising and developing their gas discoveries into LNG projects in Mozambique,” ENRG president director Imam Agustino said in an official press release.
“We are happy that our entry into Mozambique is in the early stages of gas development and our partner is the government. This shows that an Indonesian oil and gas company can already compete internationally by focusing on technological innovation, transparency and fairness,” he said.
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