Mozambique passes petroleum law and tax break for Anadarko, Eni

|About: Anadarko Petroleum Corporation (APC)|By:, SA News Editor

Mozambique’s lawmakers approve petroleum laws that open the way for new oil and gas bids as well as a special tax break for offshore fields operated by Anadarko Petroleum (NYSE:APC) and Eni (NYSE:E) to aid their development.

The government is finalizing the process for new oil and gas bids and will conclude this by the end of the year, the mineral resources minister says; while the new bill enables the two companies to pay less tax, the final percentages have yet to be released.

Mozambique’s offshore fields may hold enough gas to meet global demand for more than two years, according to the state-owned oil company that holds stakes in the Rovuma-1 deposit operated by APC.