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Indians Guarantee Quick Return to Activity in Area 1 of Rovuma Basin

Indians Guarantee Quick Return to Activity in Area 1 of Rovuma Basin

The three Indian companies taking part in the hydrocarbon exploration and exploitation project in Area 1 of the Rovuma Basin in Mozambique have guaranteed that they will resume activities as soon as possible.

To this end, they will inject 13 billion US dollars, which corresponds to 30 per cent of the overall investment in the mega-project, operated by TotalEnergies.

The announcement was made by Mozambican President Carlos Zacarias, Minister of Mineral Resources and Energy, at the end of three meetings that the Mozambican President, Filipe Nyusi, held with representatives of the Indian companies and with India’s Secretary of State for Oil and Gas.

Without specifying dates, Mr Zacarias said that a timetable had been set for the return of Indian investors to the Rovuma Basin. All the actions necessary for the rapid resumption of activities in Area 1 were also defined.

“It was a very cordial meeting which shows that the two parties (government and partners) are fully committed to the return, as soon as possible, of activities in Area 1 of the Rovuma Basin,” said the minister.

“As you know, this is a very important project for both Mozambique and the partners and it is in everyone’s interest that it is resumed,” he added.

Also in Gujarat, as part of his economic diplomacy, President Nyusi met with representatives of Jindal, an Indian company operating in the coal sector in Tete province.

At the meeting, Jindal’s representatives said that they would increase the levels of production and transport of coal via the railway to the port of Nacala.

President Nyusi is spending his second day in India today. In the afternoon, he will speak at the Mozambique-India Business Forum, before meeting with the Mozambican diaspora in the country.

The announcement of the resumption of activities in Area 1 of the Rovuma Basin is positive news for Mozambique. The project has the potential to generate billions of dollars in revenue for the country and create thousands of jobs.

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The commitment of Indian investors to inject 13 billion dollars into the project is a sign of confidence in the Mozambican economy.

The return of activities is also important for Mozambique’s energy security. The country is an oil and gas exporter, and Area 1 is one of the largest natural gas reserves in the world.

President Nyusi is on a visit to India with the aim of strengthening economic relations between the two countries. The announcement of the resumption of activities in Area 1 of the Rovuma Basin is a concrete result of this visit.

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