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Friday, August 8, 2014
Mozambique’s Rovuma Basin will see two of its blocks come back on the market after Norway’s Statoil revealed it was exiting Blocks 2 and 5. The company, partnered with Tullow Oil, failed to find hydrocarbons with the two wells drilled on the blocks.
A source at Mozambique’s INP was cited by Noticias as saying the Statoil-led consortium undertook exploration programs, including acquiring 2D and 3D seismic and drilling the two wells, but nothing was found and the eight-year concession contract expired in 2014.
“Faced with the negative results from the exploration work, and because of the legal imperative, the members of the consortium decided unanimously to abandon areas 2 and 5 as from June 1, this year,” the INP source confirmed.
While Statoil and Tullow struck out with their two wells, offshore Rovuma Basin has been proven to contain vast quantities of natural gas and two dry wells are really not a significant indication that there are no reserves to be found when the concessions are so large.
Luckily for Statoil it has had much better luck off the coast of Mozambique’s neighbor, Tanzania. The company, partnered with ExxonMobil, as of June has discovered 20 Tcf of gas on Tanzania’s Block 2.
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