Mining & Energy
India: BPCL’s investment plan for Mozambique gas field gets approval
Photo: O País
The draft law determining the degree of participation of Mozambican companies in the oil and gas business is expected to be approved later this year. The document will be presented to the Economic Council in the coming days.
June is a month of major decisions in the billion-dollar hydrocarbon industry in Mozambique, especially in Areas 1 and 4 in the Rovuma basin, where consortia led by Anadarko and ExxonMobil are preparing to invest about US$50 billion.
The speed of these events is encouraging the government to expedite approval of the Local Content Law, a legal instrument that determines the requisite degree of national company participation in foreign-led enterprises in Mozambique.
Vasco Nhabinde, Director of the National Directorate for Economic and Financial Studies (DEEF) in the Ministry of Economy and Finance, noted that the local content draft document aggregates external experience in this area.
On the occasion, the Chairman of the Local Content Commission at the Confederation of Economic Associations of Mozambique (CTA), Florival Mucave, pointed out the risks of tardy approval.
The long period of consultation and public debate, which began in 2013, will end when the law is passed.
By Edson AranteSource: O País
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