Breaking news! Decisions on extraction of natural gas in Mozambique due to be made before July

eni-oil-and-gas

Major decisions concerning natural gas extraction projects in the Rovuma basin in northern Mozambique, will be taken before the end of the first half of this year, said the chairman of Mozambican state oil and gas company ENH.

Omar Mitha told daily newspaper Notícias, that Italian group ENI, the Area 4 block operator, will makes a final investment decision this month and conclude the financial package by the end of the first half.

The chairman of ENH gave assurances that the commercial structure of the project is almost complete and financial institutions are now deciding what stake each will take. The project will cost US$10 billion, of which US$7 to US$8 billion will be spent in the first phase.

The Italian group plans to install an offshore natural gas liquefaction platform with capacity to produce 3.4 million tonnes per year. It will be located in the Coral Sul field, where it is estimated there are at least 16 trillion cubic feet of gas.

With regard to Area 1, where the operator is US group Anadarko Petroleum, Mitha said that the project is well underway and is expected soon to begin construction of the housing project to resettle families currently living on land where the future natural gas processing plant will be built.

The plant, to be built onshore in the Palma region, will have two liquefaction units, each with a capacity of 6 million tonnes per year, which represents an increase of 1 million tonnes per year for each.

Source: macauhub

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