Mining & Energy
Subsidiary of Indonesian group starts oil exploration in Mozambique - report
From left to right: Total CEO Patrick Pouyanne, President Filipe Nyusi and Oxy CEO Vicki Hollub in Chimoio, Manica province, yesterday. [All photos: Presidente Filipe Nyusi@NyusiConfioemti / Facebook]
The President of the Republic, Filipe Jacinto Nyusi, announced on Friday (September 27) in Chimoio, Manica province, the completion of the transaction for the sale of [former] Anadarko’s assets in the Rovuma Basin Area 1 project, a transaction sealed between Occidental Petroleum (Oxy) and Total, reads a statement from the Presidency of te Republic of Mozambique.
The announcement was made after the audience granted by the Mozambican Head of State to Vicki Hollub, president and CEO of Occidental Petroleum, and Patrick Pouyanné, chairman and CEO of Total.
In the case of Mozambique, this sale will result in a cash inflow to the national treasury of around US$880 million in capital gains. The amount may be available in the treasury accounts later this year.
The Anadarko project, an investment of US$23 billion, has so far employed 5,000 Mozambicans, of which 40 percent come from Palma district, in Cabo Delgado Province.
It is important to note that with this operation, all Mozambicans working in the Project will retain their jobs in the TOTAL group.
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