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ONGC Videsh Ltd, JV partners announce Final Investment Decision for initial two LNG train Project Development

Posted On: 2019-06-19 11:42:19

ONGC Videsh Limited (ONGC Videsh) - a wholly owned subsidiary of ONGC, the National Oil Company of India, announces that Rovuma Offshore Area 1 consortium (Area-1), has taken a Final Investment Decision (FID) for the two train Golfinho / Atum Mozambique LNG Project. The event to announce the FID by Area-1 consortium was held in Maputo, Mozambique on 18th June 2019, attended by His Excellency the President of the Republic of Mozambique Mr. Filipe Nyusi, the Minister of Mineral Resources Mr. Ernesto Max Tonela, along with representatives from the Area 1 partner companies and distinguished guests.

Mozambique LNG Project will be the first onshore LNG facility in Mozambique consisting of initial two LNG trains with a total nameplate capacity of 12.88 million tonnes per annum (MMTPA) supported by the development of the Golfinho / Atum fields located offshore entirely within Area 1. The project has successfully secured in aggregate 11.1 MMTPA of long-term LNG sales (representing 86% of the plant's nameplate capacity) with key LNG buyers in Asia and in Europe. Additionally, the project will have a significant domestic gas component for in-country consumption in Mozambique to help fuel the economic development.

The FID signifies that the Golfinho/Atum Mozambique LNG project will now advance to the construction phase.

ONGC Videsh holds 16% interest in the Mozambique Rovuma Area-1 Offshore Project out of which 10% PI is held directly by ONGC Videsh and another 6% interest is held through its 60% shareholding in 'Beas Rovuma Energy Mozambique Limited' ("BREML") while the remaining 40% shares in BREML are held by Oil India Limited ("OIL"). Anadarko Moc;ambique Area 1, Lda is the Operator of the project with 26.5% PI and the other partners are Mitsui E&P Mozambique Areal Ltd. (20%), ENH (15%), BPRL (10%) and PTTEP Mozambique Area 1 Limited (8.5%).

Shares of OIL AND NATURAL GAS CORPORATION LTD. was last trading in BSE at Rs.166.1 as compared to the previous close of Rs. 164.65. The total number of shares traded during the day was 204362 in over 1059 trades.

The stock hit an intraday high of Rs. 166.9 and intraday low of 163.3. The net turnover during the day was Rs. 33777203.


Source: Equity Bulls

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