Oil chased in Mozambique after the discoveries of the world largest gas

Bloomberg

By Eduard Gismatullin

Statoil ASA (STL) and Tullow Oil Plc (TLW) complete a well aimed at achieving the first discovery of commercial oil in Mozambique, is the East African country where explorers have made the most important natural gas of the century.

Cachalote partners worse off Mozambique is drilling beyond potential gas fields and searching for crude later discovered under the bottom marine, Director of Exploration Tullow, Angus McCoss said in an interview yesterday. The well is expected to be finished this month.

"We believe that some of the most plays" may have oil, said McCoss. "This is the goal of this campaign is trying to find the elusive offshore oil East Africa".

Anadarko Petroleum Corp. (APC) and Eni SpA (ENI) found more than 100 trillion feet cubes of gas off the coast of Mozambique, enough fuel to build the second largest natural gas liquefied in the world. Oil explorers prefer because it is easier and less expensive to ship to customers, has been harder to find. In 2010, Ironclad of Anadarko shows signs of oil even without making an economically viable discovery.

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