Offshore Mozambique Exploration and Production Company ExxonMobil and RN-Exploration, a subsidiary of Rosneft have been declared winners of the 3 blocks in the fifth licence round organized by the Republic of Mozambique’s Institute of National Petroleum (INP).

This marks a serious achievement for the two companies as they face a strong competition from other global companies.

INP after assessing 23 proposals awarded the two companies 3 contract areas namely: A5-B in the Angoche Basin, Z5-C and Z5-D in the Zambezi Delta. Upon the collection of the award, the companies are to start negotiations with the government of Mozambique as well as INP on the detailed terms of participation. ExxonMobil is to be the operator once negotiations are completed.

As a matter of fact, the participation in exploration and development projects in Mozambique is a new focus area for Rosneft’s international strategy. These projects allow Rosneft to gain access to high-quality assets, while reducing the risks in the implementation of frontier exploration projects by partnering with global industry leaders, Energy-pedia reports.