Indonesian oil mining firm, Energi Mega Persada A, said it would sell its 75% stake in the gas block in Buzi, in Central Mozambique, worth $96.25m to an unknown strategic investor in Africa, MacauHub reported.
The company hopes to make a profit of 10% on the price at which it bought the block in 2013, StarAfrica added. The profit obtained would be used for the future development of the Buzi block and to increase natural gas and oil production. The Buzi block contains proven and probable reserves of 212.3 bcm of natural gas, according to the company.
The Indonesian company paid $175m for its stake. The remaining 25% will stay in the hands of the Mozambican government’s oil and gas company ENH.