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Mozambique passes petroleum law and tax break for Anadarko, Eni

  • 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.
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