ENH and Galp Energia sign cooperation agreement

abarrelfullabarrelfull wrote on 09 Oct 2012 05:28
Tags: africa enh galp mozambique upstream

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The National Oil and Gas Company of Mozambique, Empresa Nacional de Hidrocarbonetos, EP (ENH), and Galp Energia signed a technical, operational and financial cooperation agreement with focus on their respective stakes in the Rovuma basin, offshore Mozambique.

The aim of this agreement is to formalize and deepen the existing cooperation between the two companies with respect to the management of their stakes in the exploration blocks of Area 1 and Area 4, in the Rovuma basin, and as well to promote the qualification of the Mozambican human capital.

The agreement envisages the evaluation and execution of funding options, the cooperation in natural gas marketing and trading activities, the evaluation of industrial development options, costs and investments optimization, as well as geologic, reservoir engineering, hydrocarbons production development, logistics and infrastructure studies.

This agreement also establishes the grounds for the cooperation on the joint analysis and evaluation of further investment opportunities, which could contribute to reinforce the sustainable presence of both companies in exploration and production activities in Mozambique, namely in the Rovuma basin.

This partnership will allow to both ENH and Galp Energia to strengthen their exposure to the Rovuma basin, a world class province.

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