ONGC Videsh Ltd. and its Indian as well as foreign partners have agreed to invest $20 billion in constructing a gas liquefaction and export terminal in Mozambique to monetise vast offshore natural gas reserves they had found.
In separate but almost identical regulatory filings, Oil and Natural Gas Corp. (ONGC), Bharat Petroleum Corp. Ltd. (BPCL) and Oil India Ltd. (OIL) said their subsidiaries along with Anadarko Petroleum of the U.S. have taken a final investment decision for Area-1 Mozambique LNG project.
The project would initially consist of two LNG trains with a total nameplate capacity of 12.88 million tonnes per annum. Feedgas will come from the Golfinho/Atum field in offshore Area 1. To be built on the Afungi peninsula in Cabo Delgado province, the project would also involve the construction of associated infrastructure, storage tanks and export jetty facilities.
The LNG project would be fed with nearly 100 million cubic feet of natural gas a day from the Golfinho/Atum fields in the Rovuma Basin, which are set to be developed as part of the Offshore Area 1 gas project. The companies plan to commission the project during 2024.
OVL holds 16% stake in Mozambique Rovuma Area-1 offshore project, while OIL holds 4%.
