Energi Mega Persada (EMP) an independent upstream oil and gas company based in Jakarta, has revealed plans to farm-out half of its shares in the Buzi exploration and production concession contract offshore Mozambique.

According to Interfax, EMP is currently in negotiations with an African strategic investor.

The company which is the operator of the concession estimates to get about $96.25 million from farm-out for half of its 75% equity in Buzi. The Buzi exploration and production concession is capable of holding up to 127 bcf of gas.

EMP plans to use the money to fund development activities of the block, as production is estimated to begin in 2018.

Anita Fatunji