ENH obtains 40% equity stake in Angoche block

ENH obtém 40% de participação no bloco de Angoche

Empresa Nacional de Hidrocarbonetos has secured a 40% stake in the Angoche block and the contract is expected to be signed between June and July this year, an ENH source said a few days ago.

ENH revealed that it has achieved a historic achievement of 40% of participation in oil exploration in the Angoche block, surpassing the 10 and 15% it has achieved in areas that explore other mineral resources, during the reception of the Planning and Budget Commission last Tuesday.

We were able, in a timely manner, to realize that this area in the Angoche zone, offshore, has a high potential and we were also able to foresee the reserves that could be associated with this block," revealed ENH director Rudêncio Morais.

Based on this finding, explains the director of ENH, a strategy of interaction was designed with the regulator, which is the National Petroleum Institute, but also with the Ministry of Mineral Resources and Energy on the ?strategic nature of the area and the need to negotiate better conditions for ENH's participation?

Thus, it is, without a doubt, ?a historical fact in an area where it was conditioned to private partners and it is guaranteed that only in the research phase ENH will have 40%. We are currently negotiating the contracts with a forecast between June and July in order to be able to sign the final contracts," said Morais.

The commercial arm of the state believes that it is possible to increase its participation in the areas of exploration of mineral resources, provided that the costs of research are borne by the partners.

?The legislation should ensure that AOCs bear 100% the costs of exploration and do not share with ENH, even in the event of a commercial discovery. This means that there is already a window of cost recovery through oil-costs that the limit goes up to 60% in the current legislation,? argued the ENH administrator.

And he argues further: ?if this cost is recoverable through the petroleum-cost, there may be no need to recover, also, with ENH's participating interest. For example, in the area where ENH has 40%, it (ENH) will have to pay, from the start of commercial production, all the costs of the research phase? explained the source.

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