Bahari Resources signs a Petroleum Exploration and Production Agreement in the Comoros Islands

The Government of the Union of the Comoros is pleased to announce that it has signed a Petroleum Exploration and Production Agreement with Bahari Resources Limited for an offshore region bounded by latitudes 10 degrees to 13 degrees South, the western boundary of the Comoros and longitude 43 degrees East. The acreage is adjacent to offshore Area 1 and Area 4 of Mozambique’s Rovuma Delta, where the recent giant hydrocarbon discoveries have been made by ENI and Anadarko.

Under the terms of the Agreement, Bahari will undertake a phased seismic and drilling programme within the licensed area and will in addition carry out for the Government a regional study of the entire Comorian territory. The report will be used for the further demarcation of blocks and a future licensing round.

In parallel with these petroleum exploration activities, Bahari will fund a Government programme to develop its internal expertise in upstream petroleum matters including management and legislation. The Government hopes to have in place by 2013 a Petroleum Code that will govern all aspects of petroleum exploration and production as well as provide for the internal structures to be created that will oversee, monitor and control operations.

Vice President and Minister of Energy and Mines Mohadji Fouad commented that “We believe our country to represent one of the last prospective offshore frontiers for oil and gas and are delighted to see the commitment Bahari Resources have made to our country. We trust that with their entry, other companies will wish to follow and I can assure them of a warm welcome in Moroni.”

Posted in Comoros Islands, Operations

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