Mozambique oil exploration to exceed 550m euros by 2011

Mozambique’s oil exploration investment could exceed 550 million euros ($786 million) by 2011, state-controlled Radio Mozambique reported, citing National Petroleum Institute Chairman Arsenio Mabote.

Mabote said projections were based on the number of contracts signed between the government and 10 oil companies operating in the southern African country since 2006, according to the report.

Oil exploration is more intensive along the Rovuma Basin and between the northern and central regions of Mozambique, where multinational companies including Canada-based Artumas Group Inc., Italy’s ENI SpA and Anadarko Petroleum Corp. from the U.S. are operating.

Source: Bloomberg