The state-owned PTT group, formerly known as the Petroleum Authority of Thailand, has signed an agreement to buy 2.6 million tonnes of natural gas per year to be extracted by US group Anadarko Petroleum in Area 1 of the Rovuma basin, northern Mozambique, the Bangkok Post reported.
Anadarko Petroleum is the operator of the Area 1 block with a 26.5% stake, the remaining partners being Mozambican state-owned Empresa Nacional de Hidrocarbonetos (15%), Mitsui E&P Mozambique Area 1 Ltd. (20%), ONGC Videsh Ltd. (16%), Bharat PetroResources Ltd. (10%), PTT Exploration & Production Plc (8.5%) and Oil India Ltd. (4.0%).
PTT Exploration & Production Plc, a subsidiary of Thai group PTT, acquired the 8.5% stake held by Ireland’s Cove Energy, by acquiring the entire share capital of this company for US$1.9 billion.
Partners in the Area 1 block are expected to make a final investment decision by the end of 2017 so that the start of natural gas extraction can begin between 2022 and 2023. (macauhub)