Rosneft and ExxonMobil have filed joint bids to participate in the fifth licensing round organized by the Republic of Mozambique Institute of National Petroleum (Instituto Nacional de Petróleo).
A total of fifteen blocks were included in the fifth licensing round, comprising some 76,800 sq km of acreage in the offshore Rovuma, offshore Zambezi, offshore Angoche, onshore around the Pande-Temane concession and onshore Palmeira areas.
According to Rosneft, the two companies decided to file joint bids for the participation in the licensing round for contract areas in the Angoche Basin and Zambezi Delta offshore Mozambique. The Russian company added that if the bids prove successful, ExxonMobil would become the operator.
The prospectivity assessment for the exploration on these contract areas was confirmed within the cooperation of both companies’ geological analysis, Rosneft has said in its statement.
The Russian oil and gas company has noted that participation in exploration and development projects in Mozambique is a new focus area of its international strategy.
Rosneft’s press release concludes: “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.”