Doha, Qatar, 9 Dec – Italian oil group ENI plans to start extracting natural gas from the sea off Mozambique in 2018 as part of a project in which it plans to invest around US$50 billion, the chief executive of the group Paolo Scaroni said Thursday in Doha.
During the World Oil Congress held in Doha, Qatar, Scaroni said that the group estimated reserves at 20 trillion cubic feet of natural gas in the Mambo well, in Mozambique, according to financial news agency Bloomberg.
The Italian group is considering a number of options ranging from the sale of the gas on the Mozambican domestic market to processing the reserves into liquid natural gas for export to customers in Asia.
“Our idea is that it is a region with immense natural gas reserves and the E NI group is well placed to provide liquid natural gas to Asia,” Scaroni said adding that Europe was not a natural destination for the gas.
Oil and gas groups ENI, Anadarko Petroleum, which is the operator, and BP and other partners discovered huge natural gas reserves in the Rovuma basin, in Mozambique. (macauhub)