Acknowledging Mozambique’s potential as a major gas exporter, the Union Cabinet on Wednesday approved signing an agreement with the African nation to deepen oil and gas cooperation.
The Cabinet, headed by Prime Minister Narendra Modi, approved signing of a Memorandum of Understanding (MoU) for cooperation in the field of oil and gas between India and Mozambique for a period of five years, an official statement said here.
Offshore gas discoveries in 2010 in two adjacent offshore blocks have seen the emergence of Mozambique as a significant hydrocarbon rich nation. "Mozambique is strategically located near India and is ideally suited for bringing natural gas to India at market determined price.