Arco, Sasol and Zarara sign PSAs in Mozambique

Sep 14, 1998 02:00 AM

July 16, 1998 Two production sharing agreements to explore for natural gas in Mozambique have been signed by the government of Mozambique, the state oil company ENH, and three international energy companies -- Sasol Petroleum (Pty) Ltd. of South Africa, Zarara Petroleum Resources, and a subsidiary of Los Angeles-based Arco.
The PSAs relate to the offshore Sofala and M-10 blocks where Arco Mozambique Ltd., Sasol and Zarara have interests of 47.62 %, 47.62 % and 4.76 % respectively.
In May, 1998, the same parties signed a PSA to explore for natural gas in the onshore Temane block in central Mozambique.
Sofala and M-10 are contiguous, 6,060 square mile blocks located offshore central Mozambique. Arco will be operator for both blocks.
The partners will conduct seismic surveys and drill up to 5 wells on the Sofala block and 4 on the M-10 block, spending at least $ 30 mm over the 7-year life of the agreements. The commitment also includes financial assistance for the training of Mozambican citizens, the tendering of contracts to qualified Mozambican companies, and the development of infrastructure.
Gas discoveries from the Sofala and M-10 blocks may be marketed within Mozambique or to other countries in southern Africa.

Source: not available
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