The 2.64 million-acre block, positioned in northeast Mozambique, includes approximately 90,000 onshore acres and stretches eastward 35 miles (56 kilometers) offshore, where water depths extend down to 6,000 feet (1,800 meters). The block's boundary borders Tanzania to the north and extends southward about 100 miles (160 kilometers).
"Offshore Area 1 is a ground-floor opportunity to explore the highly prospective Rovuma Basin, where only two wells have ever been drilled," said Bob Daniels, Anadarko senior vice president of worldwide exploration. "We are very pleased to have signed this contract to explore for oil and gas in Mozambique. Through our regional evaluation and analysis of existing seismic data covering most of the block, we have already identified multiple leads across an area equivalent in size to 460 typical Gulf of Mexico lease blocks."
Under the terms of the contract, Anadarko has secured a five-year initial exploration term with options to extend that phase another three years, and a 30-year production term following any commercial discoveries. Anadarko was awarded the block on the basis of a work commitment to acquire new 2D and 3D seismic and drill seven wells during the initial exploration term. Anadarko will operate the block, initially with a 100 percent working interest.
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