Rosneft, ExxonMobil File Joint Bid for Mozambique 5th License Round

Rosneft 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  through its 100% owned subsidiary RN-Exploration 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) in which 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.

Mozambiue 5th licensing round

A total of fifteen blocks had been included in the Fifth License Round  comprising some 76,800 sq kms of acreage will be included in the round.

The partnerships with global industry leaders such as ExxonMobil Rosneft says allows it to minimize the risks in the implementation of frontier exploration projects.

The participation in exploration and development projects in Mozambique is a new focus area of Rosneft’s international strategy as the Russian giant promotes its positioning in regions of significant hydrocarbon potential, where production is possible in the mid and long-term.

Rosneft says these projects allow it to obtain access to high-quality assets, while abiding an effective investment policy.

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.

Author: OilNews

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