Aiteo broadens global energy footprint with strategic stake in Mozambique’s Largest Onshore Gas Reserve

Aiteo, Africa’s leading independent oil producer, has significantly broadened its global energy holdings by securing a substantial stake in Mozambique’s Mazenga gas block, the continent’s largest onshore gas reserve.

This key acquisition was facilitated through a series of agreements with Mozambique’s national oil company, Empresa Nacional de Hidrocarbonetos (ENH), thus establishing Aiteo as the primary operator of the block.

Situated in Mozambique’s rich sedimentary basin, the Mazenga gas block spans roughly 23,000 square kilometers and is believed to contain about 19 trillion cubic feet of gas. Aiteo has initiated an extensive development plan in light of this project, encompassing aeromagnetic and gravitational geological assessments, on-site surveys, and reanalysis of pre-existing data.

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

Peters said, “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 is a significant force in the international energy sector, celebrated for its vast natural gas reserves, especially in the Rovuma Basin. With more than 100 trillion cubic feet of reserves, the nation has attracted major global oil firms like Total, ENI, and ExxonMobil, all involved in extensive initiatives to extract and export liquefied natural gas.

Aiteo’s foray into Mozambique’s lucrative gas sector marks a critical step in its overall strategy to expand across Africa and beyond. The company, a major player in global oil production with nearly 100,000 barrels per day, is rapidly extending its reach beyond Nigeria’s Niger Delta basin and the Benue Trough, thereby bolstering its position in both the continental and international energy sectors.