Multinationals to Invest Over $284 Million in Mozambique Oil Exploration

The 10 oil companies involved in oil exploration projects in Mozambique will invest around US$284 million this year, the minister for Natural Resources Esperança Bias disclosed on Saturday.

“Forecast investments in Mozambican oil exploration for this year have exceeded those for 2007, when international energy firms invested more than US$149 million, this year we are looking at U$284 million in investments”, Bias said.

“Overseas investments in hydrocarbon ventures are being made in 13 exploration and production contracts inked with the Maputo government, and the center and north of the country are the two regions where these projects are most concentrated”, she added.

Some US$1.35 million per year from licensing revenues of oil firms operating in the Rovuma Basin is being channeled by Mozambique into social projects like schools, health centers, orphanages and water supply networks, the minister added.

The government says major projects in the energy sectors, worth about US$1.2 billion, could bring significant economic benefits to Mozambique solely in the form of exports of goods manufactured from mineral resources from 2010.

Source African Press Agency

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