ExxonMobil, Qatar Petroleum tie up for Africa E&P

Jul 18, 2016 12:00 AM

ExxonMobil has reportedly joined forces with Qatar Petroleum to explore energy assets in Mozambique’s Rovuma basin.

The companies are allegedly considering the purchase of stakes in gas fields in the East African country, although no final agreement has yet been reached.

The assets being considered are owned by Anadarko Petroleum and Eni, media reports say.

Mozambique holds some of the largest natural gas discoveries of recent years, located off its northern coast.

So far, these have attracted oil and gas companies from Europe, the US and China, as Mozambique maintains plans to implement one of the world’s largest LNG projects.

However, it has faced severe funding issues. Thus, any investment from Exxon and Qatar Petroleum could bring the much needed input for the development of these projects.

ExxonMobil and Qatar Petroleum have been entering partnerships in joint ventures for at least 15 years.

In fact, in April last year, Anadarko Petroleum was reported as considering to sell its multi-billion dollar stake in Mozambique’s gas reserves, with both the companies showing interest.

However, none of the companies have commented on this.

As well as this, Eni announced in May that it was in talks to sell a stake in its Mozambican gas discovery and expected a decision on its LNG project by the end of this year.

ExxonMobil already counts on an established presence in Mozambique, after having won three offshore exploration licenses in October 2015 for blocks south of the findings owned by Anadarko and Eni.

Exxon also owns a working interest in Statoil’s neighbouring Block 2 in Tanzania, north of the Rovuma basin.

Anadarko operates Area 1 of the Rovuma basin, while Eni operates Area 4 and both have plans to export this gas in the form of LNG, although a final investment decision has not yet been reached.

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