Mining & Energy
Gov't will create sovereign wealth fund with extractive industry revenues
Brazil will cooperate with Mozambique to stimulate the country’s industrial development and support local companies to provide services to oil and gas projects, said the permanent secretary of the Ministry of Mineral Resources and Energy.
Speaking at the opening of the 2nd Brazil-Mozambique Seminar on Oil, Gas and Correlative Sectors, Alfredo Nampete also said that the two countries will outline agendas to develop business opportunities and cooperation, “and this meeting is a platform that can contribute to maximising the benefits of the oil and gas industry for Mozambique.”
“If, on the one hand, the start of gas production in the Rovuma Basin will bring Mozambique to the attention of world markets, on the other hand the opportunities that will result from these projects bring many expectations for us all, as they are a space for Mozambicans to use their intelligence in leveraging business opportunities,” Nampete said, quoted by the AIM news agency.
Nampete recalled that the seminar was taking place a few days after the final decision on investment for the development of the “Golfinho” and “Atum” fields was taken on 18 June in the Area One block, a key milestone in making the country’s dream of becoming an important player in the global liquefied natural gas (LNG) industry a reality.
With an annual output of 12.88 million tonnes of LNG, the project will have an estimated investment of about US$23 billion and could generate about US$61 billion in revenue for the State, an unprecedented investment both in Mozambique and in Africa, which could turn the country into the continent’s largest producer and exporter.
Another milestone was the approval, last May, of the Mamba project development plan for the production of 15.2 million tons of LNG onshore.
The three projects (Coral Sul, Mamba and Golfinho Atum) will have an estimated total investment of more than US$50 billion and production in excess of 30 million tonnes per year, thus consolidating Mozambique’s position as one of the largest producers and exporters of LNG in Africa and in the world.
“With institutions such as the National Petroleum Agency, Petrobras and the Brazilian Petroleum Institute, with extensive experience in the oil and gas sector, Brazil is undoubtedly one of the countries with which Mozambique should seek to establish alliances,” said the permanent secretary of the Ministry of Mineral Resources and Energy.Source: Macauhub
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