http://signaloil.wpengine.com/wp-content/uploads/2015/10/Signal-Oil-logo-red-300x32.png 0 0 RSS FEED http://signaloil.wpengine.com/wp-content/uploads/2015/10/Signal-Oil-logo-red-300x32.png RSS FEED2018-08-08 03:10:392018-08-08 03:10:39Mozambique Finalizes Block 5 Oil Deals With Multinational Firms
Mozambique Finalizes Block 5 Oil Deals With Multinational Firms
Mozambique’s government on Aug. 7 approved contracts giving exclusive rights to energy companies to act on concessions awarded to them to explore for oil following four years of negotiations and delays that threatened to derail the projects.
Cabinet spokeswoman Ana Comoana said the companies could now go ahead with mining operations to tap offshore oil reserves that experts say are enough to supply energy to Britain, France, Germany and Italy for over 20 years.
Mozambique is desperate to plug gaps in government revenue after the International Monetary Fund (IMF) canceled funding in 2016 citing concerns about how $2 billion in loans was spent.