A Nigerian-owned oil company, which is also a leading oil independent in Africa, Aiteo, has successfully secured a major stake in Mozambique’s Mazenga gas block, the largest onshore gas reserve in Sub-Saharan Africa, News About Nigeria reports.
It was gathered that Aiteo expanded its portfolio with the acquisition, which was finalised following a series of farm-in agreements with Mozambique’s national oil company, Empresa Nacional de Hidrocarbonetos (ENH), positioning Aiteo as the block’s operator.
Aiteo has, however, revealed that following the acquisition, it will begin an intensive development programme, which includes the study of aeromagnetic and gravitational geology, thorough field inspections, and the reinterpretation and processing of existing data.
The CEO of Aiteo, Benedict Peters, stated that there was no use in wasting time as Aiteo had hit the ground running.
Peters noted that the company was dedicated and committed to investing robustly in initiatives that will enhance the development of gas, adding that it hoped to accelerate and enhance Mozambique’s upstream gas resources.
According to him, some of the assets his company is investing in are situated in a region with some of the highest gas production potential in Mozambique, noting that the approach Aiteo will be taking is tested and trusted as it is rooted in the strategy of actively engaging with unique energy assets across Africa.
He further noted that Aiteo is looking at elevating its profile and expanding its global gas resources to meet industry-leading standards within the continent, adding that the proven track record of the company gives them confidence in their ability to develop these assets, benefiting both Mozambique and all stakeholders.
