July 25, 2024
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OIL & GAS RENEWABLE ENERGY

Nigeria’s Energy Company Secures Stake in Mozambique’s Gas Block

Aiteo, an energy company in Nigeria has secured a stake in Mozambique’s Mazenga gas block. Aiteo which holds some of the largest onshore gas reserves in sub-Saharan Africa, positions as the operator of the block. The deal was formalized through farm-in arrangements with Mozambique’s National Hydrocarbons Company (ENH).

Following the deal, Aiteo has initiated an intensive development program involving aeromagnetic and gravitational geological studies, comprehensive field inspections, and reinterpretation and processing of existing data.

Chief Executive Officer of Aiteo, Benedict Peters, said: “We aim to elevate our profile and expand our global gas resources to meet industry-leading standards within the continent. Our proven track record gives us confidence in our ability to develop these assets, benefiting both Mozambique and all stakeholders”.

The Mazenga gas block, encompasses 23,000 km² within Mozambique’s sedimentary basin. It lays claim to an estimated 19 trillion cubic feet of gas reserves.

Currently, Aiteo produces nearly 100,000 barrels of oil per day, contributing over five percent to Nigeria’s daily oil output. The expansion into Mozambique fortifies the company’s standing in the African energy sector, complementing its existing assets in the Niger Delta basin and Benue Trough.

 

 

 

 

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