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China's State Oil Company, Mozambique Ink Agreement on Oil Exploration and Production Offshore

© AFP 2023
 - Sputnik Africa, 1920, 25.05.2024
The contract covers five offshore blocks in Mozambique's waters, totaling approximately 29,000 square kilometers (11,200 square miles).
State-run China National Offshore Oil Co. (CNOOC) signed oil exploration and production contracts with Mozambique, the company said on Friday.
The blocks that will be under operation feature water depths ranging from approximately 500 to 2,500 meters (1,640 to 8,202 feet), according to CNOOC's press release.
The exploration period's first phase lasts four years, with five CNOOC subsidiaries acting as operators. Additionally, in 2019, CNOOC's Singapore Trading and Marketing unit signed a 13-year liquefied natural gas (LNG) sale and purchase agreement with Mozambique LNG1 Company for gas from the Mozambique Area 1 onshore plant.
Previously, CNOOC obtained licenses for oil and gas exploration at five sites on Mozambique's continental shelf. The company operates in several other African countries, including Algeria, Nigeria, and Gabon. CNOOC was also reportedly negotiating with Angolan authorities on a major oil and natural gas exploration project.