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Mozambique signs oil exploration deals

Mozambique

<p>Mozambique has signed oil and gas exploration agreements as the country seeks to become a major exporter.</p> <p>The government signed the deals with US energy firm Exxon Mobil and Russia’s Rosneft on Monday.</p> <p>The agreements could lead to as much as 700 million US dollars of investment in Mozambique as the energy firms are expected to drill a minimum of 10 wells.</p> <p>According to the country’s petroleum institute the government is also preparing to sign similar agreements with South Africa’s Sasol and Italy’s Eni. </p> <p>Mozambique is thought to have enough gas to become the world’s fourth-largest exporter of the fuel. The country hopes companies will start producing from 2022.</p> <p>The country is hoping its oil and natural gas resources will help it recover from a debt scandal that saw it cut off from multilateral and foreign donors.</p>
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