Africa > East Africa > Mozambique > Anadarko Petroleum secures sales of natural gas to exploit in Mozambique

Mozambique: Anadarko Petroleum secures sales of natural gas to exploit in Mozambique

2015/08/28

The Anadarko Petroleum oil group has obtained 90 % of the supply agreements needed to guarantee financing of its natural gas project in Mozambique, said the director of the subsidiary Anadarko Mozambique Area 1, Lda.

John Peffer told Bloomberg financial agency that the group is presently waiting for Mozambican government consent to export the natural gas, a necessary condition so it can seek financing to build a plant to liquefy the extracted gas.

“From presently on the timing for taking a final investment decision will be determined by the government’s pace agreeing the legal and contractual framework and approving necessary permits,” said Peffer, adding that the development plan should thus be submitted in upcoming months.

The American group expects to any minute at this time make a final decision on the investment project, which may from presently on involve an estimated US$20 billion, at a time at the same time as the sector is postponing or cancelling major investments due to falling oil and natural gas prices.

Peffer as well told Bloomberg that in Asia alone it had assured pledges to buy 8 million tons of liquefied natural gas per year, about 90 % of the contracts it needs to go ahead with the natural gas project in northern Mozambique’s Rovuma Basin.

Bloc Area 1 has estimated reserves of 75 billion cubic feet of natural gas.

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