Mozambique could, by 2030, have discovered double current estimated natural gas reserves of 180 trillion cubic feet located in the Rovuma river basin off the north coast of the country, according to Mozambican daily newspaper Notícias.
The information was given by the Minister of Mineral Resources and Energy, Letícia Klemens at an international conference on the production and consumption of liquefied natural gas (LNG) in Tokyo, Japan.
According to Klemens, the government has selected markets in Asia, including Japan, to cover the expense of deepwater exploration, a process partially favoured by growing global demand for cleaner energy sources.
“Our location is strategic to respond to markets in Asia, the Pacific and the Atlantic or to increase opportunities in the Middle East and the Indian subcontinent. Therefore, we have been identified as a new emerging global focus for the supply of LNG. The Mozambican gas is of excellent quality, which gives it a competitive advantage in terms of cost,” she said.
A consortium led by Italian oil company Eni said in June it had made a final decision to invest in the sea off the northern coast of Mozambique, becoming the first major natural gas project to launch the implementation phase in the country.
A floating extraction and liquefaction platform is being built and the operation in the Rovuma Area 4 is expected to start within the next five years.
The consortium announced the decision after securing the sale of all natural gas production for 20 years to oil company BP.
Another consortium led by US-based Anadarko has said a final investment decision for Area 1, a few kilometres further north, also in the Rovuma basin, will be made soon.(macauhub)