The Council of Ministers today approved the terms of the Oil Exploration and Production Concession Contract for China National Offshore Oil Corporation (CNOOC) Hong Kong Holding Ltd and Empresa Nacional de Hidrocarbonetos (ENH), as concessionaires.

The company will be able to carry out its work in offshore areas S6-A and S6-B in the Save river basins, between Inhambane and Sofala; and in offshore areas A6-G and A6-D and A6-E off the north coast of Angoche, in Nampula province.

CNOOC holds the majority of shares in the five project areas, with 80% in Save and 70% in Angoche, while ENH holds 20% and 30% respectively.

On November 11, 2022, CNOOC Hong Kong Holding Limited submitted proposals to explore areas made available in the Sixth Concession Round for Hydrocarbon Exploration and Production Areas. On that occasion, Italy's ENI expressed interest in the A6-C Offshore Area in Angoche.

The research programs proposed by CNOOC and ENI for the first exploration period will allow for investments of around 370 million US dollars and the opening of at least four deepwater wells.

"The contracts will be valid for a minimum period of eight years, which will allow the operating companies to mature the research process during this period, in order to guarantee the production of more resources, with particular emphasis on natural gas, ensuring the injection of cleaner and more accessible energy into the national and international market," said the Chairman of the Board of Directors of the National Petroleum Institute last year.