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JV Partners announce Final Investment Decision for initial two LNG train Project Development

Posted On: 2019-06-19 11:44:56

Oil India Limited, a National Oil Company of India, announces that Rovuma Offshore Area 1 consortium (Area-1), have taken a Final Investment Decision (FrO) 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 Filipe Nyusi, the Minister of Mineral Resources Ernesto Max Tonela, along with representatives from the Area 1 partner companies and distinguished guests.

Mozambique LNG will be the first onshore LNG facility in Mozambique initially consisting of 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 to help fuel economic development.

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

Anadarko Mocambique 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 Rovuma Area Um, SA (15%), BREML(Beas Rovuma Energy Mozambique Limited) (10%), BPRL (10%) , ONGC Videsh (10%) and PTTEP Mozambique Area 1 Limited (8.5%).

OIL is a Sponsor in Area 1 Block, through its 40% shareholding in BREML,which holds a 10% Participating Interest in Area 1. The remaining 60% shares in BREML are held by ONGC Videsh.

Shares of OIL INDIA LTD. was last trading in BSE at Rs.173.45 as compared to the previous close of Rs. 174.35. The total number of shares traded during the day was 30091 in over 423 trades.

The stock hit an intraday high of Rs. 174.65 and intraday low of 171.55. The net turnover during the day was Rs. 5208618.


Source: Equity Bulls

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