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 Russiaâ€™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 countryâ€™s petroleum institute the government is also preparing to sign similar agreements with South Africaâ€™s Sasol and Italyâ€™s Eni.
Mozambique is thought to have enough gas to become the worldâ€™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.
Source : AfricaNews
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