Russia’s Rosneft is planning to open an office in Mozambique, Mozambique's Ambassador to Russia Mario Saraiva Ngwenya said Reuters on July 13, 2017.
Mozambique’s Ambassador to Russia, spoke to Reuters, claiming that Mozambique was also expecting to reach an agreement by the end of 2017 on the development terms of blocks that Rosneft and ExxonMobil were awarded in 2015.
In 2015, Rosneft and Exxon were awarded 3 contract areas by Mozambique. These are the A5-B in the Angoche Basin, and the Z5-C and Z5-D in the Zambezi Delta.
Reportedly, Rosneft said in 2015 that LNG exports would be a primary development case if there were sufficient gas discoveries in the African nation.
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 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.