Mitsui & Co Group remains committed to natural gas in Mozambique

11 May 2015

Japanese group Mitsui & Co announced Friday it plans to keep its stake in the Area 1 block of the Rovuma basin, in northern Mozambique and that a final investment decision should be taken at the end of the year.

“We plan to make a final investment decision later this year and begin liquefied natural gas production in 2019,” said Keigo Matsubara, financial director of the group, according to Reuters news agency.

The statements from the financial director of Mitsui & Co came after US group Anadarko Petroleum also announced it had no plans to sell its stake in the block.

The group controls a 26.5 percent stake in the Area 1 block of the Rovuma basin in northern Mozambique on the border with Tanzania, which has as partners Mitsui EP Mozambique Area 1 Limited (20 percent), BPRL Ventures Mozambique BV (10 percent), Videocon Mozambique Rovuma Area 1 Limited (10 percent), PTT Exploration and Production Plc (8.5 percent) and state-owned ENH (15%) during the exploration phase.

Natural gas reserves discovered so far in the Rovuma basin point to the existence of more than 200 trillion cubic feet, which may put Mozambique in the top five largest natural gas exporters in the world on par with Russia, Qatar and Australia. (macauhub/MZ)