Rosneft Files Joint Bid with ExxonMobil for Mozambique License Round
RN-Exploration (100% Rosneft subsidiary) and ExxonMobil Exploration and Production Mozambique Offshore Limited filed joint bids to participate in the fifth license round organized by the Republic of Mozambique Institute of National Petroleum (Instituto Nacional de Petróleo).
The global partnership of the companies is of a strategic nature. Rosneft and ExxonMobil have a proven track record of highly successful cooperation at the Sakhalin-1 project, and are each committed to continuing to operate in an environmentally responsible manner in Mozambique if selected. Rosneft and ExxonMobil decided to file joint bids for the participation in the license round for contract areas in the Angoche Basin (A5-A and A5-B) and Zambezi Delta (Z5-C and Z5-D). If successful ExxonMobil will become the operator. The prospectivity assessment for the exploration on these contract areas was confirmed within the cooperation of both Companies’ geological analysis.
The participation in exploration and development projects in Mozambique is a new focus area of Rosneft’s international strategy: the Company promotes its positioning in regions of significant hydrocarbon potential, where production is possible in the mid and long-term. These projects allow Rosneft to obtain access to high-quality assets, while abiding an effective investment policy. The partnerships with global industry leaders, such as ExxonMobil, allows the Company to minimize the risks in the implementation of frontier exploration projects.
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Note for editors: Rosneft and Exxon Neftegas Ltd. (ExxonMobil subsidiary) are “Sakhalin-1” project partners. Within the project the fields Chayvo, Odoptu and Arkutun-Dagi are being developed. RN Cardium Oil (Rosneft subsidiary) holds a stake in Canada Energy project, developed by Imperial Oil (a subsidiary of ExxonMobil), which is developing tight-oil reserves in the province of Alberta, Canada. In 2011, Rosneft and ExxonMobil executed a Strategic Cooperation Agreement under which the companies agreed to review potential joint exploration and development of hydrocarbon resources in Russia, the United States and other countries throughout the world. Mozambique’s oil and gas sector has significant development potential. During 2010-2011 a number of breakthrough offshore gas discoveries were made. The key gas potential of the country is concentrated in the Rovuma basin (its resources are estimated to up to 2.2 TCM) and in the Mozambique river basin (3 onshore gas fields with proven reserves of up to 95 BCM and 1 offshore gas field with resources of up to 56 BCM). According to the U.S. Geological Survey assesses technically recoverable conventional oil and gas resources in the Mozambique Coastal Province to 11,7 BBO, 182 TCFG, and 5,6 BBNGL. |
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July 30, 2015
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