South African’s Sasol Ltd has decided to give up its licence to explore Mozambique offshore for gas and return the Block 16/19 to the Government of Mozambique. A withdrawal notification is already sent by the petrochemical giant to the Mozambique authorities.
Sasol has rewarded the licence in 2005 and by 2013 abandoned the deep-water licence part, focusing o shallow water assessment of its hydrocarbon potential. Until recently, the company is still exploring for onshore gas in the fields of Pande and Temane, located in the northern province of Inhambane.
The world’s top producer of coal-based motor fuel is now trying to shed assets to pay off piling debt along with avoiding rights issue of approximately $2 billion.
