Aiteo acquires stake in Moza gas block

Africa’s largest oil independent, Aiteo, has marked a significant expansion in its global energy portfolio by acquiring a major stake in the Mazenga gas block, the largest onshore gas reserve in Africa, situated in Mozambique. The strategic acquisition was made possible through a series of agreements with Mozambique’s State oil firm, Empresa Nacional de Hidrocarbonetos (ENH), effectively positioning Aiteo as the new operator of the block.

The Mazenga gas block, located in Mozambique’s prolific sedimentary basin, covers an area of approximately 23 000 square kilometres and is estimated to hold 19 trillion cubic feet of gas. In response to this venture, Aiteo has launched a comprehensive development programme, which includes aeromagnetic and gravitational geological studies, field surveys, and the reprocessing of existing data.

Aiteo CEO Benedict Peters underscored the company’s dedication to investing in and developing the gas sector in Mozambique. He pointed out the strategic significance of the acquisition and Aiteo’s goal to enhance its presence in the global gas market, as it continues along its trajectory to become a leading player in the international energy industry.

Peters stated: “The assets we’re investing in are situated in one of the most promising gas production areas in Mozambique. This initiative reflects our strategy to be actively involved in unique energy projects across Africa.

Our aim is to not only increase our global gas resource portfolio but also to establish ourselves as an industry leader within the continent. We are confident in our ability to develop these assets, benefitting both Mozambique and our stakeholders.”

Mozambique, a significant player in the global energy market, is renowned for its extensive natural gas reserves, particularly in the Rovuma Basin. — Business Insider Africa