Igor Sechin, President and Chairman of the Management Board, Rosneft, Nelson Ocuane, President, Empresa Nacional Hidrocarbonetos De Moçambique (Mozambique National Oil Company, ENH) and Paulino Gregório, Director, ENH signed a Memorandum of Understanding at the 21st World Petroleum Congress on June 16, 2014, the Russian oil giant said Monday in a press release.
Under the Memorandum, the parties will look into areas of mutual interest and cooperation, including joint bidding in upcoming hydrocarbons exploration and production licensing rounds in the Republic of Mozambique.
In 2010 and 2011 a series of major gas discoveries were made in offshore Mozambique. Gas dominates the republic’s hydrocarbon portfolio with offshore resources estimated at 3.7bcm and proven reserves standing at 1.03bcm as of early 2014.
The country’s key gas potential is focused in the Rovuma Basin with estimated 2.2bcm of gas and the Mozambique river basins.
Rosneft is the leader of Russia’s petroleum industry and the world’s largest publicly traded petroleum company. Rosneft activities include hydrocarbon exploration and production, upstream offshore projects, hydrocarbon refining, and crude oil, gas and product marketing in Russia and abroad. The Company is included in the list of strategic companies and organizations of Russia. The main Company shareholder (69.50%) is OJSC ROSNEFTEGAZ, a 100% state-owned company. BP owns another 19.75%, and the remaining 10.75% of shares are publicly traded. (see Shareholding Structure).
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