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New gas field found in Mozambique

11 June 2012 14:25 (UTC +04:00)

Baku â€“ APA-Economics. U.S. firm Anadarko Petroleum Corp (APC.N) announced a further major gas find off the coast of Mozambique on Monday, raising the stakes in the bid war for London-listed partner, Cove Energy (COVE.L), Reuters reported.

Anadarko said on Monday that it could expand its current development plan for Mozambique after its discovery of a second major gas field in the Offshore Area 1 block. Following the latest discovery it now reckons the block could hold between 30 and 60 trillion cubic feet (tcf) of recoverable gas.

In addition to Anadarko’s discoveries, Italy’s ENI (ENI.MI) has also made huge finds offshore Mozambique, while others including Britain’s BG Group (BG.L) and Exxon Mobil (XOM.N) have made significant finds to the north in Tanzania.