Mozambique LNG1 Company Pte. Ltd., the Rovuma Basin Area 1 sales partner, has already signed long-term contracts for the sale of 9.5 million tonnes of liquefied natural gas (LNG) per year, Indian company ONGC Videsh said in a market statement.
The subsidiary of the Oil and Natural Gas Corporation (ONGC) group said in the statement released in New Delhi that the final investment decision for the project in Mozambique will be taken before the end of the first half of 2019.
Indian groups jointly control a 30% stake in the project, with ONGC holding 16.0% (10% direct and 6% through Beas Rovuma Energy Mozambique Limited, where Oil India Ltd. owns the remaining 40.0% and 4.0% of the project) and Bharat Petroleum with 10%.
Mozambique LNG1 Company Pte. Ltd. has already signed contracts with Tokyo Gas and Centrica LNG for the sale of 2.6 million tonnes per year by 2040, with CNOOC for 1.5 million tonnes over 13 years, with Shell for 2 million tonnes over 13 years, with BPCL for 1 million tonnes over 15 years and with Pertamina to supply 1 million tonnes over 20 years.
The Area 1 block is operated by Anadarko Mozambique Area 1, Ltd, a wholly-owned subsidiary of the Anadarko Petroleum group, with a 26.5% stake, ENH Rovuma Area One, a subsidiary of state-owned Empresa Nacional de Hidrocarbonetos (ENH), with 15%, Mitsui E&P Mozambique Area1 Ltd. (20%), ONGC Videsh Ltd. (10%), Beas Rovuma Energy Mozambique Limited (10%), BPRL Ventures Mozambique BV (10%), and PTTEP Mozambique Area 1 Limited (8.5%). (macauhub)