Indian firms together own 30% participating interest in the Mozambique project, with ONGC owning 16%, Oil India 4% and Bharat Petroleum 10%.
ONGC and its joint venture partners have struck long-term agreements to sell 9.5 million tonnes a year of liquefied natural gas (LNG) from their Mozambique Rovuma Offshore Area 1 project, and will take a final investment decision for the project in the first half of 2019, the state-run explorer said in a statement.
Indian companies together own 30% participating interest in the Mozambique project, with ONGC owning 16%, Oil IndiaNSE -0.11 % 4% and Bharat PetroleumNSE 0.18 % 10%. Anadarko is the operator of the project with 26.5% participating interest.
“The project is progressing towards developing initially an onshore LNG plant consisting of two LNG trains with total nameplate capacity of 12.88 millionmetric tonnes per annum (MMTPA) to support the development of the Golfinho-Atum field located entirely within Offshore Area 1,” ONGC Videsh, the overseas arm of the state explorer, said in a statement.
“With the approval of the development plan in February 2018, ongoing resettlement implementation activities, site preparation and execution of these sale purchase agreements, the project is poised to take final investment decision in H1 2019.”
ONGC and other project developers have entered into agreement with Tokyo Gas and Centrica LNG Company for sale of 2.6 MMTPA from the start of production until the early 2040s. Other sale agreements include 1.5 mmtpa for 13 years with CNOOC, 2 MMTPA for 13 years with Shell; one MMTPA for 15 years with BPCL, and one MMTPA for 20 years with Indonesia’s Pertamina.
Source: The Economic Times