Algeria’s Sonatrach is a surprise mover for a potential stake in Mozambique’s offshore gas resources operated by Eni and Anadarko Petroleum.
Sonatrach is keen to expand its presence abroad and has its eye on new gas blocks in the east African country, according to Reuters, quoting the state-owned company’s boss, Abdelhamid Zerguine. He was speaking after signing a memorandum of understanding with the head of Mozambique’s Empresa Nacional de Hidrocarbonets (ENH), Nelson Ocuane.
Sonatrach is reportedly interested in buying part of a minority stake held by ENH in the offshore gas fields, which could include the giant Prosperidade and Mamba discoveries.
“We want to have a place, but on the Mozambican side,” he said, according to Reuters. Zerguine did not give details on the size of interest that Sonatrach is seeking to acquire but did add that a 5% holding would probably cost it around US $1 Bn.
The memorandum with ENH does also open the way for Sonatrach to acquire fresh exploration blocks offshore Mozambique.