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The national oil and gas company of Mozambique, Empresa Nacional de Hidrocarbonetos (ENH), and Galp Energia signed a technical, operational, and financial cooperation agreement with focus on their respective stakes in the Rovuma basin, offshore Mozambique, according to a news release.
The agreement aims to formalize and deepen the existing cooperation between the two companies regarding management of their stakes in the exploration blocks of Area 1 and Area 4 in the Rovuma basin and 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, the release said, as well as geologic, reservoir engineering, hydrocarbons production development, logistics, and infrastructure studies.
In addition, the agreement establishes grounds for cooperation on the joint analysis and evaluation of further investment opportunities, which could help reinforce the sustainable presence of both companies in E&P activities in the Rovuma basin, the release stated.