Energi Mega will sell half ownerships of Mozambique’s gas field

Indonesian oil and gas company PT Energi Mega Persada Tbk (IDX: ENRG) wants to sell 50 percent of the company’s shares in the Buzi gas field in central Mozambique for almost US$100 million. This would represent a 10 percent gain on the $175 million Energi Mega Persada paid for the block in 2013. Imam Augustino, the president director told the Mozambican press that the intention was to sell half the company’s 75 percent participating interest in the exploration of the Buzi block, while the remaining 25 percent would go towards Mozambique’s national oil company, Empresa Nacional de Hidrocarbonetos. The money from the sale, He said, would then be used to develop a future exploration block and to ramp up natural gas and oil production.