Company’s chief executive officer Tevin Vongvanich said the company’s investment plan for 2015 and 2016 on the further development of petroleum fields would involve LNG production in Rovuma offshore basin Area 1 in Mozambique.
The Thai firm has 8.5 percent equity stake in the project and would contribute is share of around $1.5 bn over the period of four or five years, The Nation said. Total investment in the project will be about $20 billion, including the construction of an onshore LNG plant.
The project is expected to produce about 12 million tons of LNG annually from Area 1 and has already secured long-term contracts for 8 million tonnes of LNG a year. The remaining 4 million tonnes of annual output could be sold in the spot market.
As for the land-based LNG production plant, Anadarko, the majority shareholder in the project, has already selected a construction contractor; construction of the plant is expected to begin soon.
Source: Natural Gas Asia
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