Mozambique
Mozambique has signed oil and gas exploration agreements as the country seeks to become a major exporter.
The government signed the deals with US energy firm Exxon Mobil and Russia’s Rosneft on Monday.
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.
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.
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.
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.
01:35
Zimbabwe and Uganda leaders meet with Russian President Putin
01:04
Ghana: New oil refinery in Tema to open in August
01:00
Libya's Haftar urges deal on 'fair' distribution of oil revenues
01:15
Saudi Arabia, Russia to extend cut in oil production of one million barrels a day
02:04
Ugandan authorities maintain its oil drill projects are developed sustainably
02:05
Paleontologist Lee Berger announces exciting new discovery